Full text of Economic Indicators : January 1970
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91st Congress, 2nd Session
Economic Indicators
January 1970
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1970
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMIRE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
W. E. BROCK 3d (Tennessee)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
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)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
PAUL W. McCRACKEN, Chairman
HENDRIK S. HOUTHAKKER
HERBERT STEIN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorize 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
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ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Preliminary estimates indicate that gross national product advanced $10.3 billion (seasonally adjusted annual rate) in
the fourth quarter, about $73A billion less than in the third quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
N et receipts
Disposable personal income
Period
Total l
1962
1963
1964
1965
1966
1967
1968
1969 v
1968: III..
IV...
1969: I
II —
III..
TV v
385.3
404. 6
438. 1
473. 2
511. 9
546. 5
590. 0
629. 6
593. 4
604. 3
610. 2
622, 0
639.0
AA7 1
E xpenditur es
PerLess: Equals: Personal sonal
Less:
Less:
Tax
Interest Total consump- saving
Trans- Equals: Total
Trans- Equals:
and
or
tion
Purpaid and excludfers,
fers,
nontax interest,
expend- dising
expend- interest,
transfer
Net
chases
saving
receipts
itures
itures
interest
receipts
of
goods
payand
and
or
and
and
ments
subsubaccruals sidies 2
to fortranssidies 2 services
fers
eigners
8.6
9. 7
10. 7
12. 0
13. 0
13. 9
15. 0
16. 0
15.2
15.5
15.7
15.9
16. 1
Ifi 9
376. 6
394. 9
427.4
461. 3
498. 9
532. 6
575. 0
613. 6
578. 2
588.8
594. 5
606. 1
622. 9
£20 Q
355. 1
375. 0
401. 2
432. 8
466. 3
492. 3
536. 6
576.0
544. 9
550.7
562. 0
572. 8
579.8
589.2
157, 0
168. 8
174. 1
189. 1
213.3
228.4
264. 2
302. 0
271. 0
279.7
294. 1
302. 0
303. 4
21.6
19. 9
26. 2
28. 4
32. 5
40. 4
38.4
37. 6
33. 2
38. 0
32.5
33. 3
43. 1
41. 6
42. 8
44. 4
46. 7
49. 9
55. 5
62. 8
70. 6
78. 3
72. 0
73. 9
75. 8
77.6
78.9
80. 9
114. 2
124. 3
127. 3
139. 2
157. 9
165. 6
193. 6
223.7
199. 1
205.8
218. 3
224.4
224.4
159.9
166.9
175.4
186. 9
212. 3
242. 9
270. 8
293. 0
274.5
280. 6
285.9
290. 6
296. 0
299. 7
42.8
44 4
46. 7
49. 9
55. 5
62.8
70. 6
78. 3
72. 0
73.9
75. 8
77. 6
78.9
80.9
117. 1
122. 5
128.7
137.0
156. 8
180. 1
200. 3
214. 7
202. 5
206.7
210. 0
212. 9
217. 0
218.9
Surplus
or
deficit
(-),
income
and
product
accounts
-2.9
1. 8
-1.4
2.2
1. 1
-14. 5
-6. 7
9.0
-3. 5
g
8.3
11.4
7. 4
Gross
Statis- national
tical
product
discrepor
expendreceipts ancy
iture
Total
income
Period
1962_
1963_
1964_
1965_
1966_
1967_
1968_
1969
1968: III[
IV
1969: I__
II
III[
IV V
private
eigners
of
or
! retained domestic
invest- by perof net
earn-3
Equals:
investment sons and Exports Less:
exports
ings
Net
ment 4
GovernImports exports
(~)5
(-)
ment
66.3
68.8
76.2
84.7
91.3
93.3
96.7
98.6
99.3
98.3
97.7
98.0
99.7
\
83. 0
87. 1
94. 0
108. 1
121. 4
116. 0
126. 3
139. 6
125. 2
133. 9
135. 2
137.4
143.3
142.4
— 16. 8
-18. 4
-17.8
— 23. 4
-30. 1
-22. 7
— 29. 6
-41. 0
-26. 0
-35. 7
-37.5
-39. 4
-43.6
2.7
2.8
2.8
2.8
2. 8
3. 0
2.9
2. 6
3. 1
3. 1
2.4
2. 8
2. 6
2. 7
30. 3
32. 3
37. 1
39.2
43. 4
46. 2
50. 6
55. 4
53.4
50. 6
47. 6
57. 1
57. 8
59. 1
!
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government
enterprises.
3
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
in disposable personal income.
25. 1
26.4
28.6
32. 3
38. 1
41. 0
48. 1
53. 3
49. 7
49.4
46. 1
55. 5
55. 2
56. 4
5. 1
5. 9
8.5
6. 9
5. 3
5. 2
2. 5
2. 1
3.6
1. 2
1. 5
1. 6
2. 7
2. 6
-2.5
-3. 1
-5.7
-4. 1
-2.4
-2. 2
.3
.6
-.6
1. 9
1. 0
1.2
.0
.1
559. 8
590.8
633. 7
688. 0
750. 9
794. 5
868.2
938. 5
879. 6
895. 9
912. 9
931.3
949.7
0. 5
-. 3
-1. 3
-3. 1
— 1. 0
-1. 0
-2. 5
-6. 2
-3. 3
-3. 4
-4.2
-6.5
-6. 9
560.3
590. 5
632.4
684. 0
749. 9
793. 5
865.7
932. 3
876.4
892. 5
908. 7
924.8
942.8
953. 1
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment with sign changed.
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit. Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) increased at a somewhat slower rate in the fourth quarter than in the third
quarter—an annual rate of about 4% percent compared with an 8 percent rate. There was a slight decline in physical
output in the fourth quarter.
BILLIONS. OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
SEASONALLY ADJUSTED ANNUAL RAT1S
900
900
aoo
800
700
700
600
600
500
500
400
400
GOVERNMENT PURCHASES
_OF GOODS AND SERVICES.
200
,„„„„....
200
„...••••»»•..,
100
100
NET EXPORTS OF GOODS
AND SERVICES.
1963
1964
1965
GROSS PRIVATE DOMESTIC
INVESTMENT
1966
SOURCE: DEPARTMENT OF COMMERCE
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 *_ _ _
1968: III
IV
1969: I
II
III
IV p
1968
1969
COUNCIL OF ECONOMIC ADVISERS
Goveirnment imrehases of good s and
Total
Personal Gross
Implicit
Net
services
congross
Total
price
private exports
national gross
sump- domestic of goods
Federal
deflator
State
tion
product national
for total
investand
Total
and
in 1958 product expend- ment services
GNP,
1 Other
Total National
local
defense
prices
itures
1958= 1002
Billions <3f dollars; quarterlyr data at e easonalby adjuste d annual rates
0. 1
311. 2
475.9
483.7
75.3
46. 0
43.3
101. 6
7. 6
97. 0
53.7
487.7
4.0
503.7
46. 1
44 9
103. 3
99. 6
53. 5
8.6
325. 2
74.8
5.6
497. 2
520. 1
50.2
104. 6
57.4
335. 2
47.8
9.6
71.7
107.6
5. 1 117. 1
560. 3
63. 4
629.8
355. 1
83.0
53.7
105. 8
51.6 11.8
551. 0
5.9 122.5
590. 5
87. 1
64. 2
50. 8 13.5
58. 2
107.2
375.0
581. 1
8.5 128. 7
632. 4
401. 2
50.0 15.2
108.8
65. 2
94.0
63.5
6.9 137.0
684. 9
432. 8
617.8
108. 1
70.1
110.9
66.9
50. 1 16. 8
5.3 156.8
658. 1
749. 9
121.4
466.3
77.8
60.7 17. 1
79.0
113.9
5.2 180. 1
674-6
793. 5
72.4 18.4
492.3
116.0
117. 6
90.7
89.3
2. 5 200. 3
707. 6
865. 7
536.6
126. 3
99. 5
78.0 21.5 100.7
122. 3
2. 1 214. 7 102. 0
932. 3
727.7
576. 0
79. 3 22. 8 112.7
139. 6
128. 1
125.2
712. 8
876.4
544. 9
3.6 202. 5 100. 9
78. 8 22. 1 101. 7
122. 9
1.2 206. 7 101. 9
718. 5
892. 5
133. 9
79. 3 22. 5 104.8
550. 7
124. 2
723. 1
562. 0
908. 7
135. 2
1. 5 210.0 101. 6
79. 0 22.6 108. 5
125.7
137.4
1.6 212. 9 100. 6
726. 7
924. 8
572. 8
78.5 22. 1 112.3
127.3
942.
8
2.
7
579. 8
730. 6
80. 3 22. 9 113.8
143. 3
217. 0 103. 2
129. 0
142. 4
2. 6 218. 9 102. 7
953. 1
589.2
730. 5
116.
2
79. 2 23.5
130. 5
1
This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
2 Gross national product in current prices divided by gross national product
In 1958 prices.
1967
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
National income rose 8 percent in 1969 according to preliminary estimates. Ail types of income increased, with the
largest percentage gains in farm proprietors' income, employee compensation, and net interest.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
500
500
400
400
CORPORATE PROFITS AND
300
100
300
"INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
- RENTAL INCOME -
-V
'100
NET INTEREST
J
1963
1964
L
1965
J
L
J
1967
1966
L
J
I
L
1969
1968
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 »
1968: III
IV
1969: I
II
III
IV *
Total
national
income
400. 0
414. 5
427. 3
457.7
481. 9
518. 1
564.3
620. 6
654. 0
714. 4
771. 5
724. 1
737. 3
751. 3
765.7
780.6
Compensation
of em- 1
ployees
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 4
513. 6
564. 2
519. 8
532. 3
546. 0
558. 2
571. 9
580. 9
Proprietoi"s; income
Farm 2
11. 4
12. 0
12. 8
13. 0
13. 1
12.1
14.8
16. 1
14. 7
14.6
16. 1
14.8
14. 4
14.9
16. 4
16.8
16. 3
12 Includes employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in farming and therefore differs
from net farm income (including net inventory change) on p. 6 which includes
such profits.
Business
and professional
35. 1
34. 2
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47. 2
49.2
50. 2
49. 3
49.7
49. 7
50. 1
50. 5
50.4
Rental
income
of
per-
15. 6
15. 8
16. 0
16. 7
17.1
18.0
19.0
20. 0
20. 8
21. 2
21. 6
21. 2
21.4
21. 5
21. 6
21.7
21. 8
Net
interest
7. 1
8. 4
10. 0
11. 6
13. 8
15.8
18.2
21.4
24.7
28.0
30. 6
28. 4
29. 3
29.8
30. 3
30.9
31. 6
Corporal,e profits and inventory val uation ad justment 3
Total
51.7
49. 9
50. 3
55.7
58. 9
66.3
76. 1
82. 4
79. 2
87.9
88. 7
90. 6
90.3
89. 5
89.2
88.8
Profits Inventory
before valuation
taxes 8 adjustment
52. 1
49.7
50. 3
55. 4
59. 4
66.8
77.8
84. 2
80.3
91. 1
94. 3
91. 5
94. 5
95. 5
95. 4
92.5
s See Note p. 7.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
-0. 5
.2
-. 1
.3
—.5
-.5
1.7
-1. 8
-1. 1
— 3.2
-5. 6
Q
-4. 2
-6. 1
-6.2
-3.7
-6.4
SOURCES OF PERSONAL INCOME
Personal income rose $2.3 billion (seasonally adjusted annual rate) in December, continuing the pattern of moderate
increases evident since late summer.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
700
700
600
500
WAGE AND SALARY DISBURSEMENTS
300
200
100
100
1963
1969
SOURCEs DEPARTMENT OF COMMERCE
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969 v
1968: N o v _ _ _
Dec
1969: Jan
Feb____
Mar
Apr
May-_.
June
July___
Aug
Sept___
Oct
Nov_-_
Dec *>__
Total
1 personal
income
416.8
442.6
465. 5
497. 5
538. 9
587. 2
629. 4
687. 9
747. 1
711. 5
716. 0
718. 7
723. 9
730.7
735. 3
740. 0
746. 1
751. 4
757. 5
760. 7
763.7
767.4
769. 7
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
;
Rental
Transfer
and
Other Propriet DFS income income
Divi- Personal
salary
labor 2
Business
interest
paydends
of
disburseincome
Farm
and pro- persons
income ments
l
ments
fessional
32.4
12.8
16.0
12.7
35.6
13.8
25. 0
278. 1
15.2
33.3
13.0
37.1
27.7
296. 1
13.9
16.7
13. 1
16. 5
31.4
37. 9
35. 3
311. 1
14.9
17. 1
12. 1
333. 7
17.8
34. 9
36. 7
16. 6
40. 2
18. 0
18.7
38.7
39.9
358. 9
14.8
42.4
19.0
19.8
394. 5
44. 1
16. 1
45. 2
20. 0
20. 7
43.6
20.8
22. 1
21. 5
423. 5
47.2
52. 0
20. 8
14,7
48. 3
24. 2
14. 6
54. 1
465. 0
49. 2
23. 1
59. 2
21. 2
16. 1
26. 2
50. 2
21. 6
24. 6
509. 8
59. 3
65. 5
482. 2
14. 3
21. 4
25. 0
49. 7
24. 0
56.7
61. 5
14. 4
21. 4
485. 8
25. 1
23. 6
62. 1
49. 8
57. 3
21. 4
489. 3
14.5
57.4
25. 3
49. 5
23. 6
63. 0
492. 6
14.9
21. 5
25. 5
49. 8
23. 8
57.6
63. 5
24. 1
497. 9
21. 5
25. 6
15. 3
49. 7
57. 9
64. 3
500. 8
49. 8
24. 2
25. 8
15. 8
21. 5
64.7
58. 3
21. 6
503. 8
25. 9
16. 4
24. 3
50. 1
64.9
58. 8
59.2
50.4
16.
9
508. 5
26. 1
21. 6
24. 5
65. 2
1G 8
512. 8
26. 3
21.7
24.
6
50.
5
59.
5
65. 7
, %
517.9
26. 4
16.8
21.7
24. 8
59. 8
50. 5
66. 1
26. 6
16. 8
519. 9
21.7
25. 1
60. 2
66.4
50. 5
522. 2
16. 7
26. 8
21. 8
25. 3
60. 6
66. 7
50. 6
26. 9
50. 4
21. 8
61. 1
525. 1
16. 3
67. 2
25. 4
27. 1
527. 2
50. 3
21. 9
61. 6
15. 9
25. 0
67.7
1
Compensation ol employees (see p. 3) excluding employer contributions for
social
insurance and wage accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
4
COUNCIL OF ECONOMIC ADVISERS
Less: Personal con- Nonagritributions cultural
for social personal3
insurance income
400.0
9.6
425.5
10.3
448. 1
11.8
480. 9
12.5
519.5
13.4
17.7
566. 3
20. 6
609. 7
22. 6
667. 9
26. 2
725. 1
691. 5
23. 2
23. 4
695. 9
25. 3
698. 5
25.3
703. 1
709.5
25. 6
25. 7
713. 5
717. 7
25. 8
723.4
26. 1
26. 4
728. 8
26.6
734. 9
26. 7
738. 1
26.9
741.3
26.9
745. 1
27. 1
747. 7
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
disposable income rose $8 billion (seasonally adjusted annual rate) in the fourth quarter after a very large rise in the
third quarter. With personal outlays up $91A billion, the saving rate edged down.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
600
1963
i
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
Less :
; Personal
Per| sonal tax and
! income i nontax
i1 payments
COUNCIL OF ECONOMIC ADVISERS
Per cap>ita disL ess: Perso nal outlajfS
posable personal
Equals:
Persor lal consuraption
Equals:
iiiccmie
Disex penditure s 2
Personal
Total
posable
saving Current
Nonpersonal personall Durable
1958
income outlays
durable
Services
prices
prices
goods
goods
1961__ _ _ _ !
1962
!
1963
i
;
1964
1965
j
1966 _ _ J
1967. _ _ _ !
1968
i
1969 *
!
i
1968: IIIJ
IV. |
416. 8
442.6
465. 5
497. 5
538.9
587. 2
629. 4
687. 9
747. 1
52.4
57.4
60. 9
59. 4
65.7
75. 4
82. 9
97. 9
117. 5
364. 4
385.3
404. 6
438. 1
473.2
511. 9
546. 5
590. 0
629. 6
696. 1
711. 2
102. 6
107. 0
593. 4
604. 3
Billions of dollars
44.2
343. 3
135. 1
155. 9
143.0
363.7
49. 5
162.6
152. 4
384. 7
168. 6
53. 9
59. 2
178. 7
163. 3
411. 9
66.3
191. 1
175.5
444.8
206. 9
479. 3
188. 6
70. 8
204. 2
73. 0
215. 1
506. 2
230. 6
222. 8
83. 3
551. 6
242. 5
592. 0
243. 8
89. 6
Seast anally adjiisted anni lal rates
225. 8
560. 2
233. 3
85. 8
234. 3
230. 1
566. 2
86. 3
1969: !___;
II. J
III.j
IV *\
724. 4
740.5
756.5
766. 9
114. 2
118.5
117.5
119. 8
610. 2
622. 0
639.0
647. 1
577.7
588.8
596.0
605. 5
88. 4
90.6
89. 8
89. 6
238. 6
242. 1
245. 1
249. 4
1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2 See p. 2 for total personal consumption expenditures.
s Includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
1969
235. 0
240. 1
244. 9
250. 2
Saving
as percent of
disposable
personal
1
Population
(thou-3
sands)
(percent)
Dol lars
183, 756
186, 656
189,417
192, 120
194, 592
196, 907
199, 114
201, 152
203, 216
21.2
21.6
19. 9
26. 2
28.4
32. 5
40. 4
38. 4
37. 6
1, 983
2,064
2,136
2, 280
2, 432
2, 599
2, 745
2, 933
3, 098
1, 909
1, 968
2,013
2, 123
2, 235
2, 331
2, 399
2, 474
2, 507
5.8
5.6
33. 2 1 1I
38.0
2, 946
2, 991
2,477
2,485
5. 6
6. 3
201, 450
202, 015
2,
2,
2,
2,
5.3
5. 3
202,
202,
203,
204,
3, 014
32.5
33.3 i 3, 065
43. 1 ! 3, 140
41. 6 1 3, 171
4. 9
6. 0
6.0
6. 4
7. 4
6. 5
6.0
i
482
494
526
521
6.7
6.4
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
472
964
507
093
FARM INCOME
According to preliminary estimates, net farm income excluding inventory change (seasonally adjusted) declined abou
2 percent in the fourth quarter. Including inventory change there was a decline of 3 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
\
40
40
30
30
NET FARM INCOME
. INCLUDING NET INVENTORY.
CHANGE
20
20
\
10
J
1963
1964
1965
1966
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCEs DEPARTMENT OF AGRICULTURE
Personal rincome re ceived by
total 1 arm popi.ilation
] neome re ceived fro m farming
Net t o farm
oper ators
Realizeid gross
Period
1961
1962
1963
1964
1965
1966
1967
1968
1969"
1968: III
IV
From
all
sources
19.7
20.4
20.6
20.6
23.6
24. 9
23. 9
24,9
27. 1
From
From
farm
nonfarm
sources sources
12.2
12.3
12.1
11.3
13.5
14. 4
13. 0
13. 1
14. 5
7. 5
8.2
8.5
9.3
10.0
10. 5
10. 9
11. 8
12. 6
Net inc ome per
farm incl ruding net
inventor} change 3
ProducCash
tion ex- Exclud- Includreceipts penses ingnetm- ing net in- Current 1957-59
from
Total i
ventory ventory2
prices
prices 4
marketchange chance
ings
Billions c)f dollars
Dol lars
3, 399
12.6
27. 1
39.8
13.0
3,332
35. 1
13.2
41.3
3,482
3, 586
36.4
28.6
12.6
13.2
29.7
42.3
12.6
3,708
37.4
3,565
37.2
3,
564
42.6
12.3
29.5
13.1
3, 394
44.9
4,487
30.9
14.0
15.0
39.3
4,193
16. 3
16. 3
33. 4
49. 7
5, 019
43. 3
4,563
14. 2
42. 7
34. 8
14, 7
49. 0
4,683
4, 144
4, 805
14. 7
14. 8
44. 4
36. 3
51. 1
4, 107
54. 6
16. 0
16. 2
47. 4
5,468
4, 446
38. 6
Seascmally adjiisted anni tal rates
14. 9
15. 3
4, 140
51. 8
-i, 880
36. 5
45. 0
14. 7
14. 5
4, 750
37. 2
51. 9
45. 0
3,990
1969: I
II
III
IV » _
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also,
see
footnote 2, p. 3.
8
Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
L
1969
1968
52. 9
55. 1
55. 3
55. 1
46. 0
48. 2
48. 0
47. 5
37. 9
38.8
38. 8
38. 9
15. 0
16. 3
16. 5
16. 2
15. 0
16. 5
16. 9
16. 4
5, 050
5, 550
5, 690
5,520
4, 170
4, 510
4,630
4,420
* Income in current prices divided by the index of prices paid by farmers for
family living items on a 1957-59 base.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Agriculture.
CORPORATE PROFITS
Profits before faxes and including inventory valuation adjustment (seasonally adjusted) showed another dip in the third
quarter and were about $2 billion below a year earlier. Compared with a year earlier, before tax profits excluding
inventory valuation adjustment were $1 billion higher, while after tax profits were slightly lower.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
40
20
20
SOURCE:
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Corj>orate pr ofits (befc>re taxes) and inveritory
valuation adjustmei it
TransM anufactui •ing
portation
comNonAll
Durable durable
muniAll
indusgoods
cation
s, other *
goods
tries Total indusand
indus- public
tries
tries utilities
1961
1962
1963
1964
1965
1966__ _ _ _
1967
1968_ _ _
1969 *
50. 3
55. 7
58. 9
66.3
76. 1
82. 4
79. 2
87.9
88. 7
23.3
26. 6
28.8
32.7
39. 3
42. 6
39. 0
44.4
44. 0
11. 4
14. 1
15.8
17.8
22. 8
24. 0
20. 9
24. 5
23. 7
11. 9
12. 5
13.0
14.9
16. 6
18. 6
18. 1
19. 9
20. 2
1968: I I I _ _
IV___
90. 6
90. 3
45. 4
46. 2
25. 0
25.8
1969: I
II—
89.5
89.2
88. 8
45. 1
44. 9
43. 8
24. 7
23. 9
23. 8
III__
IV *
1
1 Includes
Includes
J
Corpo- Corporate
rate
tax
profits
before liabil- Total
taxes
ity
Corporate
capital
conDiviUndend distrib- sumption
uted
payments profits allow-2
ances
Profits
plus
capital
consumption
allow-3
an ces
10. 1
11. 1
11. 9
10. 8
11.6
11. 9
19. 1
20. 5
20. 6
23.5
25. 6
27. 9
29.4
31. 9
32. 9
50. 3
55. 4
59.4
66.8
77.8
84. 2
80. 3
91. 1
94. 3
23. 1
24. 2
26. 3
28.3
31. 3
34. 3
33. 0
41. 3
43. 5
27. 2
31.2
33. 1
38.4
46. 5
49. 9
47. 3
49. 8
50. 8
13. 8
15. 2
16.5
17.8
19.8
20. 8
21.5
23. 1
24.6
13. 5
16. 0
16. 6
20.6
26. 7
29. 1
25. 9
26.7
26. 3
26. 2
30. 1
31.8
33.9
36. 4
39. 5
42. 6
45. 9
49. 1
53. 5
61. 3
64. 8
72.3
82.9
89. 5
90. 0
95. 7
99. 9
20. 4
20. 4
12. 0
11. 6
33. 1
32. 6
91. 5
94. 5
41. 4
42. 9
50. 0
51. 6
23. 6
23. 8
26. 5
27. 8
46. 2
46. 7
96. 3
98.4
20. 3
21.0
20. 0
11. 8
11. 7
11. 9
32. 6
32.6
33. 1
95. 5
95.4
92. 5
43. 9
44. 1
42. 8
51.7
51. 3
49. 7
23. 8
24. 3
24. 9
25. 2
27. 9
27.0
24.9
47.7
48.6
49. 6
50. 5
7.9
8. 5
9.5
1
nil other industries and financial institutions.
depreciation and accidental damages.
Corporate pro/its after taxes plus corporate capital consumption allowances.
39-GSO 0
Cor] Dorate pi*ofits
a fter taxciS
99.4
100.0
99.3
NOTE.—Corporate profits tax and related items for 1969 reflect repeal of investment tax credit.
Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC
INVESTMENT
Gross private domestic investment (seasonally adjusted) edged down in the fourth quarter as a decline in the rate
inventory accumulation more than offset a rise in business fixed investment.
BILLKDNS OF DOLLARS
160
BILLIONS OF DOC LARS
160
SEASOrslALLY ADJUSTED ANNUAL RATES
1/f A
G *OSS PRIVATE DOM ESTIC
1OA
^^
r^1
inn
./-/I
100
on
on
^^
PRODUCERS'
[DURABLE EQUIPMEN r
60
^^\ *>«•**"*
4U
"" -—""""
Li
^
pr^
20
»•-"""*
60
u— =
NONRESIDE NTIAL STRUCTURES
RESIDE NTIAL STRUCTURES
|
*,
••Ml ^ ^f^ •• ••
-,
40
U=s=^
;'
t**%^^'**X / 'N
V
S
V^t-»»**
20
.^-^v
s
' [V
'T-^'-**
X
INVENTORIES
0
1
1
1
!
1
1963
SOURCE:
!
1964
1
!
!
1
1965
I
0'
1
1
1966
1
1
!
!
!
!
1968
1967
DEPARTMENT OF COMMERCE
1
!
1969
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed imvestment
T>
' ^
Total
gross
private
domestic
investment
Total
IV 9
75.3
74.8
71. 7
83. 0
87. 1
94. 0
108. 1
121. 4
116. 0
126. 3
139. 6
125. 2
133. 9
135. 2
137. 4
143. 3
142. 4
Total
70.5
71.3
69. 7
77. 0
81. 3
88. 2
98. 5
106. 6
108.6
119. 0
131. 5
118. 0
123. 4
128. 6
130. 5
132.5
134. 5
45. 1
48. 4
47.0
51. 7
54. 3
61. 1
71. 3
81. 6
83.7
88. 8
99. 3
88. 1
91. 5
95.3
97. 8
101. 1
103. 0
NOTE.—Data for Alaska and Hawaii included beginning 1960.
8
Produce rs' durable equ ipment
Struc tures
Total
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 9
1968: III
IV
1969: I
II
III. _
Resid ential
struc tures
N<president ial
16. 7
18. 1
18. 4
19. 2
19.5
21.2
25. 5
28. 5
27. 9
29.3
33. 4
29. 0
30. 1
32.3
32. 1
34.7
34. 4
Nonfarm
Total
15.9
17. 4
17.7
18.5
18. 8
20.5
24.9
27.8
27. 2
28. 6
32. 6
28. 3
29. 3
31.6
31.4
34. 0
33. 6
28.4
30.3
28. 6
32.5
34.8
39. 9
45. 8
53. 1
55.7
59.5
65. 9
59. 1
61. 4
63.0
65.7
66.4
68. 6
Nonfarm
25.4
27.7
25.8
29.4
31. 2
36.3
41. 6
48.4
50.9
54. 6
61. 4
54. 3
56. 7
58. 7
61.0
62.4
63. 6
Total
25. 5
22.8
22.6
25. 3
27.0
27. 1
27. 2
25. 0
25.0
30.2
32. 2
29. 9
31. 9
33.3
32.7
31.4
31. 6
Source: Department of Commerce.
Nonfarm
24.8
22. 2
22. 0
24. 8
26. 4
26. 6
26. 7
24. 5
24.4
29.6
31.7
29. 4
31.4
32. 8
32. 2
30. 9
31. 0
Change in business inv entories
Total
Nonfarm
5. 8
9. 6
14. 8
4. 8
3. 3
1. 7
5. 3
5. 1
6. 4
8. 6
15. 0
7. 3
7. 4
4.8
3.6
2. 0
6. 0
5.9
7.4
8.0
7.2
6.8
7.8
7.5
10. 5
6. 6
6. 9
10.7
10. 7
6. 6
6. 7
10.3
7.8
7.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business expenditures for new plant and equipment rose 11 percent from 1968 to 1969, accordins to preliminary
estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW PLANT AND EQUIPMENT
60
50
50
40
40
NONMANUFACTURING
„„...
*"'
30
30
1
20
*
MANUFACTURING
20
10
10
1964
1965
1966
1967
1968
1970
1969
SOURCESi SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
I Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
M anufacturi]Qg
Total
Trans po rtation
l
Total
Durable Nonduragoods ble goods
Railroads Other
Public
utilities
Commercial and
other 2
Mining
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 »_
37. 94
31. 89
33. 55
36. 75
35. 91
38.39
40. 77
46.97
54. 42
63.51
65.47
67.76
75. 30
16.51
12. 38
12.77
15. 09
14. 33
15. 06
16. 22
19. 34
23.44
28. 20
28. 51
28.37
31. 74
7.84
5. 61
5. 81
7. 23
6. 31
6. 79
7. 53
9. 28
11. 50
14. 06
14. 06
14. 12
15. 99
8. 68
6. 77
6. 95
7.85
8. 02
8.26
8.70
10. 07
11.94
14. 14
14.45
14. 25
15. 74
1.69
1.43
1. 36
1. 30
1. 29
1.40
1. 27
1. 34
1.46
1.62
1. 65
1. 63
1. 87
1. 58
. 86
1. 02
1. 16
. 82
1.02
1. 26
1. 65
1. 99
2. 37
1. 86
1. 45
1. 83
1.71
1.43
2. 10
1. 97
1. 96
2. 17
1.98
2. 52
2.91
3. 39
3. 77
4. 15
4.20
5. 67
5. 52
5. 14
5. 24
5. 00
4. 90
4.98
5. 49
6. 13
7.43
8. 74
10. 20
11. 56
10. 79
10. 27
11. 16
11. 99
12.52
13. 84
15.06
16.63
18.49
20. 50
20.94
21.97
24. 10
1968: I_
IV
III
68.09
66. 29
67.77
69. 05
28. 02
27.84
28. 86
28. 70
14. 11
13. 51
14.47
14. 39
13.91
14.33
14. 40
14. 31
1. 80
1. 66
1. 57
1. 52
1. 68
1. 49
1. 29
1.34
4. 31
3. 47
4. 34
4. 62
10.08
10. 24
9. 82
10. 63
22.20
21.59
21.89
22.24
1969: I
II
III
72.52
73.94
77. 84
29.99
31. 16
33.05
15.47
15.98
16. 53
14. 52
15. 18
16. 52
1. 83
1. 88
1. 89
1. 68
1. 76
2. 06
4. 76
3. 88
3.88
11. 52
11. 68
11. 48
22. 74
23. 59
25.49
II
1
Excludes agricultural business; real estate operators; medical, legal, educational,
and cultural service; and nonprofit organizations.
2
Commercial and other includes trade, service, finance, communications, and
construction.
NOTE.—Data has been revised beginning 1947. For detail, see Survey of Current
Business, January 1970. The expectations will be published in the February issue.
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide \vi(h 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 294,000 in December. Employment rose by 282,000;
unemployment rose by 1 2,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
85 -
PERCENT OF CIVILIAN LABOR FORCE
INIEMPL C YMBsllr
waE
H-
Tl
PERCENT OF CIVILIAN LABOR FORCE
j E/£ Oh4A m( AC Jl SIID
„
*r.
:"*"":
19t >3
VH 4
9<!>5
1
] 96 6
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1965___
1966___
1967___
1968___
1969___
1968:
Nov.
Dec_.
1969:
Jan__
Feb..
Mar_
Apr_
Mav_
JuneJulyAug_
Sept_
Oct_
Nov.
Dec.
Total
labor
force
(including
armed
forces)
77, 178
78, 893
80, 793
82, 272
84, 239
J
i9(39
1?e>8
196 7
COUNCIL OF ECONOMIC ADVISERS
Civilisin employ ment
Total
labor
force
Non- Unem(includployagning
Total
ment
cularmed
tural
forces)
Thousands of jjersons 16
71, 088 66, 726 3,366 77, 178
72, 895 68, 915 2,875 78, 893
74, 372 70, 527 2,975 80, 793
75, 920 72, 103 2,817 82, 272
77, 902 74, 296 2,831 84, 239
Unadji isted
Civili*in employment
Civilian
labor
force
Total
Agricultural
years of age and o ver
74, 455 71, 088 4,361
75, 770 72, 895 3,979
77, 347 74, 372 3,844
78, 737 75, 920 3, 817
80, 733 77, 902 3,606
tSeasonally adjusted
Nonagricultural
Unemp] oyment
rate (pe rcent of
Unem- civilia n labor
foi ce)
ployment
Unad- Seasonadjusted ally
justed
Labor
force
participation
rate,
unadjusted i
Percent
66, 726
68, 915
70, 527
72, 103
74, 296
3,366
2,875
2,975
2,817
2, 831
3. 5
59.7
60. 1
60.6
60.7
61. 1
4. 5
3.8
3.8
3.6
76, 609
76, 700
73, 001
73, 421
2, 577
2,419
82, 559
82, 868
79, 042
79, 368
76, 388
76, 765
3, 706
3,842
72, 682
72, 923
2, 654
2, 603
3. 3
3. 1
3.4
60.6
60. 5
81, 711 75, 358
82, 579 76, 181
82, 770 76, 520
83, 137 77, 079
83, 085 77, 264
85, 880 78, 956
86, 318 79, 616
86, 046 79, 646
84, 527 78, 026
85, 038 78, 671
84, 920 78, 716
84, 856 78, 788
72, 192
72, 896
73, 193
73, 471
73, 370
74, 589
75, 460
75, 669
74, 397
75, 110
75, 395
75, 805
2, 876
2,923
2, 746
2,542
2, 299
3,400
3, 182
2, 869
2, 958
2,839
2, 710
2, 628
83, 351
83, 831
88, 999
83, 966
83, 593
83, 957
84, 277
84, 584
84, 902
85, 014
84, 788
85, 029
79, 874
80, 356
80, 495
80, 450
80, 071
80, 433
80, 756
81, 054
81, 359
81, 486
81, 295
81, 589
77, 229
77, 729
77, 767
77, 605
77, 265
77, 671
77, 874
78, 187
78, 127
78, 325
78, 497
78, 779
3,752
3,881
3, 732
3,664
3, 805
3, 705
3,551
3,634
3,458
3,332
3,429
3,505
73, 477
73, 848
74, 035
73, 941
73, 460
73, 966
74, 323
74, 558
74, 669
74, 993
75, 068
75, 274
2,645
2,627
2, 728
2,845
2,806
2, 762
2,882
2, 867
3, 282
3, 161
2, 798
2,810
3.7
3.7
3.5
0
O.
0
O.
59. 7
60. 3
60.4
60. 5
60.4
62. 4
62.6
62.3
61. 1
61.4
61. 2
6L 1
X2, 702
82, 618
1
Total labor force as percent of noninstitutional population.
NOTE.—Beginning 1960, data include Alaska and Hawaii.
10
Source: Department of Labor.
3. 2
2. 9
4. 1
3. 8
3.5
3. 7
3.5
3. 3
3.2
3. 3
<Z?
O
0
O
8.4
3.5
3.5
8.4
3. 6
S.5
4*0
Q t/
Q
O.
0 /
o.
& 4i
3. 4
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The seasonally adjusted unemployment rate in December remained at 3.4 percent. A slight increase in the unemployment rate occurred for married men.
PERCENT
110
PERCENT
10
SEASONALLY ADJUSTED
/ \
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
I
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
0 I » M I 1I 1f I I I
I ! I 1 I I I 1I I 1
1963
! I I I I I 11! 1 1
1964
1965
i i i i I i i i i i
1966
i i i i i I i i i i i
1967
SOURCE: DEPARTMENT OF LABOR
Persons at work in nonagn cultural IE
idustries
by hours worked p>er week 2
Urider 35 hours
Experi- Married Labor
force
enced
All
time lost l
and men
workers wage
(wife
salary
workers present)
1965
1966
1967
1968
1969
4,5
3.8
3.8
3.6
3. 5
1968: Nov
Dec__
1969: Jan.
Feb
Mar.
Apr_
May
June
July_
Aug- _ _
Sept
Get _
Nov
Dec
3.4
3.3
3. 3
3.3
3. 4
3.5
3.5
3. 4
3.6
3. 5
4.0
3.9
3.4
3. 4
Per cent
4.3
3. 5
3.6
3.4
2.4
1. 9
1. 8
1.6
a3
1. 5
Seasonall y adjusted
3.2
1.6
3.1
1.4
3. 1
1. 4
3. 0
1. 4
1. 4
3. 1
3. 2
1. 5
1. 5
3. 1
3. 2
1.5
3.5
1. 6
3. 5
1. 5
3. 8
1. 7
1.
7
3.6
3. 3
1. 5
3. 3
1. 6
Over 40
hours
5.0
4.2
4. 2
4.0
3.9
20,
21,
20,
20,
20,
3.8
3.6
3. 6
3.6
3. 7
3. 7
3. 5
3.9
4. 1
4. 1
4. 4
4. 4
4. 0
3.8
20, 472
21, 810
20, 463
19, 519
21, 155
20, 128
21, 185
20, 914
19, 352
20, 045
21, 651
21, 370
20, 097
21, 415
1
Man-hours lost by the unemployed and persons on part time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagricultural employment (p. 10), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and
industrial disputes.
3
Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
I 1 I I I I I I ! I I
1969
COUNCIt OF ECONOMIC ADVISERS
Uneniploymen : rate
(percent of civilisin labor
for ce in grou P)
Period
I I M I I I 1111
1968
788
334
920
600
608
35-40
hours
Part-ti me for
economi e reasons
Part-ti me for
economi c reasons
Total
Usually Usually Usually Usually
partfullpartfulltime 4
time 3
time 4
time *
Thousan ds of pers ons 16 yejsirs of age and over
30, 768 11, 818
1,031
897
32, 088 12, 034
871
793
32, 616 13, 290
1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
1Jnadjustec 1
Seasonall y adjusted
814
30, 101 19, 844
852
753
859
33, 898 14, 987
872
835
723
801
34, 316 14, 400
707
898
800
805
32, 002 18, 433
900
730
870
768
34, 757 14, 689
754
977
979
822
34, 370 15, 650
690
823
858
812
34, 834 14, 620
806
703
862
826
35, 107 13, 42C
1, 143
1,078
1, 030
844
862
33, 545 12, 533
1,294
881
914
34, 112 12, 222
1,235
1,088
1,065
936
35, 350 13, 668
1,089
798
1, 091
891
34, 173 16, 462
790
1, 012
950
919
742
31, 868 20, 633
937
981
846
5
8
35, 974 15, 785
986
733
812
1, 029
4
Primarily includes persons who could find only part-tune work.
*Average hours worked: usually full-time, 23.5; usually part-time,
NOTE.—See Note, p. 10.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAM
In December, insured unemployment under State programs averaged 206/000 higher than a year earlier. The seasonally
adjusted insured unemployment rate remained at 2.3 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
JAN.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
A 11 progranis
Period
1966
1967 _
1968 _
1969 *
1968: Nov. _ _ _ _ _ _ _
Dec _
_. __ _
1969: Jan
Feb
_
Mar
Apr
May
_
_ _ _
June_ _
July. _ ._
_ _
Aug
Sept
Oct___ _
Nov vp
Dec
Week ended:
1969: Dec 2 0 _ _ _ __
27
1970: Jan 3_
10 ^
17 p
12
St£ite
Insured
Total
unem- benefits Insured
Covered ploypaid
unememploy- ment
(milploy(weekly
ment
lions
ment
averof dolage)
lars)
Thou sands
54, 739
1, 129
"56, 342
1, 270
*57, 969
1, 187
1, 175
985
"58, 865
1,253
"59, 249
1, 585
1,551
1,385
1,163
970
912
1, 089
1,016
903
930
1, 106
1, 449
1, 360
1, 627
1, 892
1,942
1, 890. 9
2, 220. 0
2, 191. 3
2, 265. 0
134.8
185. 4
264. 6
250.8
242. 6
214. 9
164. 9
145. 7
171. 8
169.7
148. 3
153.8
147. 7
208. 5
Initial
claims
Exhaustions
Weekly iiverage, t lousands
203
1, 061
15
17
226
1,205
201
16
1,111
197
15
1,098
913
1, 172
1,491
1,459
1,300
1, 090
906
852
1, 021
948
840
864
1, 030
1,378
1, 273
1, 534
1
1, 788
1
1, 835
1
Not charted.
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
indicators. Data for Alaska and Hawaii included and for Puerto Rico since 1963.
DEC
OCT.
189
261
275
219
173
167
144
162
246
172
146
167
213
289
289
320
345
429
387
13
14
16
17
17
19
17
17
15
14
13
13
12
13
progra ms
Benefit ,s paid
Insurec ; unemploymen t as percent of covered
Total Average
emplo yment
(milweekly
check
Season- lions of
Unad- ally
dollars)
(dollars)
adjusted
justed
Per cent
2.3
2. 5
2.2
2.2
1.8
2. 3
3. 0
2. 9
2. 6
2. 2
2. 1
2. 1
2, 1
2. 1
2. 1
2. 0
1.8
2.0
1. 7
2. 1
2.0
1.8
1.6
1.6
2.2
2.2
2.2
2. 0
2. 7
2. 5
3. 0
3. 5
3.5
Source: Department of Labor.
q> &
ff>
&.
2.8
2. 3
1,771.3
2, 101. 0
2, 031. 9
2, 099. 5
122. 5
170. 3
246. 1
234. 2
226. 5
200. 1
153. 0
135. 0
159. 2
156.7
136.2
140. 9
134. 7
194. 8
39.75
41. 25
43.43
46. 10
44.72
45. 34
46. 16
46. 80
46. 70
46. 03
45. 14
44.88
45. 30
46. 16
45.70
46. 17
46. 91
47. 25
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment (seasonally adjusted) decreased in December by 14,000. The largest
decreases were in wholesale and retail trade (38,000), durable goods manufacturing (26,000), and contract construction (14,000). Increases were concentrated mainly in State and local government (39,000) and in services (23,000).
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
72!
16
(
-
(ENLARGED SCALE)
T
x"^ *^ ^^
-*-***\
^^^
68
64
-
r-"T"
-
WHOLESALE AND RETAIL TRADE
S**^ ALL NONAGRICULTU RAL
ESTABLISHMENTS
—
—
12
SERVICES
60
_
10
36
- ^ **—""""'""
r
_
--•--
32
-*r«
/
_
NONMANUFA CTURING
(PRIVAT E)
12
-
-
DURABLE
MANUFACTURING -
10
24
__
NONDURABLE
MANUFACTURING
MANUFACTURING
=1=,
20
,,li)iltiniUie<f!!H!i!lJttt,lt
16
_
.
\
12
! ! ! 1 ! ! 1 1 !
Al..\
Y
. ! , , 1 1 , 1 1 , ,
1966
1967
CONTRACT
CONSTRUCTION -
—
GOVERNMENT
! ! t 1 1 1 I ! ! ! !
! ! I ! ! 1 I 1 1 1U
1968
1969
^
1966
1967
SOURCEi DEPARTMENT OF LABOR
1968
1969
COUNCIt OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Manufac turing (iprivate)
Period
Total
Total
1964
1965
1966
1967
1968
1969"
1968: Nov..
Dec..
1969: Jan..
Feb..
MarApr..
May.
June.
July.
Aug.
Sept.
Oct..
Nov v
Dec".
58, 331
60, 815
63, 955
65, 857
67, 860
70, 139
68, 664
68, 875
69, 199
69, 487
69, 710
69, 789
70, 013
70, 300
70, 247
70, 500
70, 390
70, 651
70, 653
70, 639
17, 274
18, 062
19, 214
19, 447
19, 768
20, 121
19, 897
19, 958
19, 999
20, 061
20, 122
20, 111
20, 118
20, 198
20, 164
20, 334
20, 197
20, 156
20, 018
19, 988
NonDurable durable
goods goods
9, 816
10, 406
11, 284
11, 439
11, 624
11, 881
11, 700
11, 744
11,819
11, 839
11, 881
11, 868
11, 874
11, 931
11,912
12, 081
11, 965
11, 932
11, 758
11, 732
7,458
7, 656
7,930
8,008
8, 144
8, 240
8, 197
8, 214
8,180
8, 222
8, 241
8, 243
8, 244
8, 267
8, 252
8,253
8, 232
8, 224
8, 260
8, 256
N onmanu factoring 5 (private)
Total
31, 461
32, 679
33, 950
35, 012
36, 246
37, 791
36, 818
36, 885
37, 119
37, 304
37, 456
37, 534
37, 688
37, 843
37, 852
37, 928
37, 983
38, 177
38, 278
38, 263
r*
Con- Transtract portation
Mining conand
strue- public
tion utilities
634 3, 050 3,951
632 3, 186 4,036
627 3, 275 4, 151
613 3, 208 4,261
610 3, 267 4, 313
628 3,410 4,449
622 3,313 4,352
623 3, 330 4, 360
626 3, 338 4, 353
628 3, 366 4, 373
626 3,374 4,399
624 3, 363 4,439
622 3, 407 4,444
622 3,466 4,467
629 3,434 4,483
631 3,410 4,484
631 3,420 4,480
631 3,418 4,480
632 3,460 4,488
636 3,446 4,493
des nil full- and part-time wage and salary workers in nonagricultural
establisl incuts who worked during or received pay for any part of the pay period
which it chides the 12th of the month. Excludes proprietors, self-employed persons, do nestic servants, and personnel of the armed forces. Total derived from
this tab » not comparable with estimates of nonagricultural employment of the
civilian abor force,, shown on p.. 10,, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover ament
|
Finance,
W holeinsursale
ance, Services Federal
and
and
retail
real
trade
estate
12, 160 2, 957 8,709 2,348
12, 716 3,023 9,087 2,378
13, 245 3, 100 9,551 2,564
13, 606 3, 225 10, 099 2,719
14, 081 3,383 10, 592 2,737
14, 644 3,558 11, 102 2,756
14, 291 3,453 10, 787 2,709
14, 271 3,463 10, 838 2,724
14, 412 3,490 10, 900 2,760
14, 468 3,502 10, 967 2,767
14, 508 3,515 11, 034 2,759
14, 533 3,531 11, 044 2,758
14, 609 3, 541 11, 065 2,754
14, 665 3, 557 11, 066 2, 790
14, 671 3, 568 11, 067 2,777
14, 702 3,581 11, 120 2, 752
14, 716 3,586 11, 150 2, 749
14, 809 3,595 11, 244 2,729
14, 823 3,610 11, 265 2,721
14, 785 3, 615 11, 288 2,713
T-JfT-I
State
and
local
7,248
7,696
8,227
8, 679
9, 109
9,471
9, 240
9, 308
9, 321
9, 355
9,373
9,386
9,453
9,469
9,454
9,486
9,461
9,589
9,636
9,675
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establishments.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek for private nonfarm production workers eased slightly in December to 37.5 hours (seasonal!;,
adjusted). Hours decreased in retail trade, were unchanged in contract construction, and increased in manufacturing.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
A6
TOTAL NOhslAGRICULTUR/a PRIVATE
MANUFACTURING
44
44
42
42
Aft
40
3$
^
-—
—^•
*-
*•*•"
"%• •*>
38
*-*
'o/
34
36
1 1 11 11 1 1 1 11
Al I 1 I ! I 1 1 1 1 1
¥
i i r i i 1 i i i ii
1967
1966
1968
1 I!
1 t 1 t t i t tH
1969
34
1966
"
41
1967
1968
1969
1967
1968
1969
42
RETAIL TRADE
CONTRACT CONSTRUCTION
40
38
38
36
34
34
32
32
30
30
1966
1967
1968
1969
^—
1966
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT Of lAftOR
1
[Average hours per week ]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construe-
Retail
trade 3
Total
nonagricultural
private -
1960
1961
1962
1963
1964
1965
196(5
1967
196S
1969"
38. 6
38. 6
38. 7
38. 8
38. 7
38. 8
38. 6
38. 0
37. 8
37. 7
39. 7
39. 8
40. 4
40. 5
40. 7
41. 2
41. 3
40. 6
40. 7
40. 6
36. 7
36. 9
37. 0
37. 3
37. 2
37. 4
37. 6
37. 7
37. 4
38. 0
38. 0
37. 6
37.4
37, 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
19CS: Nov
Dec
1969: Jan
Feb
Alar
Apr
May
June
Julv
Aug
Sept
Oct
Nov T
Dec p
37. 5
37. 8
37. 5
37. 2
37. 6
37. 5
37. 7
38. 0
38. 1
38.2
38. 0
37. 7
37. 5
37. 7
40. 9
41. 1
40. 4
40. 0
40. 7
40. 5
40. 7
40. 9
40. 5
40. 6
41. 0
40. 7
40. 6
40. 9
35. 1
37. 1
36. 7
36. 6
37. 2
37. 6
38. 2
38. 5
38.8
39.2
39. 3
38.4
37. 1
37.7
34. 1
34. 6
34. 0
33. 8
33.9
33.8
33. 9
34. 5
35. 2
35.3
34. 2
33.7
33. 6
34. 2
__ _
__
__
__ __
1 Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
2 Also includes other private industry groups shown on p IS.
14
Contract
construction
Retail
trade 3
beasonaii} adjusted
Unad lusted
__
Manufacturing
_
37. 6
87. 6
37. 8
37. 5
87. 8
87. 8
87. 8
37. 8
87. 8
37.8
87.8
37. 6
37.6
87.5
* Includes eating and drinking places.
Source: Department of Labor.
40. 8
40. 8
40. 6
40. 1
40. 9
40. 8
40.7
40. 7
40. 7
40.6
40.8
40.5
40.5
40. 6
86. %
87. 6
38. 2
38. 0
87. 9
88. 0
38. 1
87. 6
87.6
37.9
38.1
87.5
88.2
88. 2
S4 • 5
34.3
34-4
34.2
34. 3
84.1
34. 3
34. 2
84. 2
84.3
84^ 2
88. 9
34. o
S3. 9
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly earnings of private nonfarm production workers declined slightly in December rrom $3.12 to $3.11.
Average weekly earnings increased by 25 cents to $11 7.25.
DOLLARS
3.00
2.50
2.00
1 SO
1966
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees I
I Average hourly earnings—current prices
Total
nonagricultural
private l
Period
1960
1961
1962
1963
1964
1965
1966
1967
196S
1969 p- _ _ _ _ .
1968: Nov
Dec
1969: Jan
Feb
Mar_ _
Apr
May__
June_ _ _
July
Aug
Sept..
Get
Novp *
Dec
1
$2. 09
2. 14
2. 22
2. 28
2. 36
2. 45
2. 56
2. 68
2. 85
3. 04
2. 92
2. 92
2. 94
2. 96
2. 97
2.98
3. 01
3. 03
3. 04
3. 05
3. 10
3. 11
3. 12
3. 11
Manufacturing
$2. 26
2. 32
2. 39
2.46
2. 53
2. 61
2. 72
2. 83
3. 01
3. 19
3. 08
3. 11
3. 12
3. 12
3. 13
3. 15
3. 16
3. 1'.
3. 19
3. 19
3. 24
3. 24
3. 26
3. 28
Contract
construction
$3. 08
3. 20
3.31
3. 41
3. 55
3. 70
3. 89
4. 11
4. 40
4.77
4. 54
4. 55
4. 58
4. 56
4. 62
4. 64
4. 71
4. 71
4. 74
4. 79
4. 91
4. 95
4. 95
4. 99
Retail
trade 2
$1. 52
1. 56
1. 63
1. 68
1.75
1. 82
1. 91
2. 01
2. 16
2. 30
2. 22
2. 21
2. 24
2. 26
2. 26
2. 27
2. 29
2. 30
2. 30
2. 30
2. 33
2. 35
2. 36
2. 33
Al o includes other private industry groups shown on p. 13.
ludes eating and drinking places.
n^s in current prices, adjusted to exclude the effects ol overtime and
Average weekly earnings—current prices
Total
nonagricultural
private l
$80. 67
82. 60
85. 91
88. 46
91.33
95. 06
98. 82
101. 84
107. 73
114. 61
109. 50
110. 38
110. 25
110. 11
111. 67
111. 75
113. 48
115. 14
115. 82
116. 51
117. 80
117. 25
117. 00
117. 25
Manufacturing
Contract
construction
Retail
trade 2
$89. 72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114. 90
122. 51
129. 51
125. 97
127. 82
126. 05
124. 80
127. 39
127. 58
128. 61
129. 65
129. 20
129. 51
132. 84
131. 87
132. 36
134. 15
$113.
118.
122.
127.
132.
138.
146.
154.
164.
181.
159.
168.
168.
166.
171.
174.
179.
181.
183.
187.
192.
190.
183.
188.
$57. 76
58. 66
60. 96
62. 66
64. 75
66. 61
68. 57
70. 95
74. 95
78. 66
75.70
76. 47
76. 16
76. 39
76. 61
76. 73
77. 63
79. 35
80. 96
81. 19
79. 69
79. 20
79. 30
79. 69
04
08
47
19
06
38
26
95
56
26
35
81
09
90
86
46
92
34
91
77
96
08
65
12
Manufacturing
industries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1957-59
= 1957-59
3
100
prices 4
$106. 8
109.9
112. 7
115. 5
118. 4
121. 5
125. 6
131. 5
139. 5
147. 7
142. 6
143. 6
144.4
144. 9
145. 2
146. 0
146. 6
146. 9
147. 8
148. 4
149. 5
150. 2
151.0
152. 0
$87. 02
88. 62
91. 61
93. 37
95. 25
97. 84
99. 33
98. 80
101. 08
101. 42
102. 08
103. 33
101. 57
100. 16
101.43
100. 93
101. 43
101.61
100. 78
100. 63
102, 74
101. 59
101.43
102. 17
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
•s in current prices divided by the consumer price index.
r,s«> °
70
:;
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In December, industrial production (seasonally adjusted) declined for the fifth month in a row. The index was down 0.3
percent from November and up 1.3 percent from a year earlier.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240
TOTAL
220
180
160
140
120
i 1 , i
100 I i i i ij I i I i i i
1966
1967
|
1968
1969
200
MANUFACTURING
180
180 —
" I
160
160
NONDURABLE
140
140
120
1968
1969
1966
1969
SOURCE: BOARD OF GOVERNORS OF 1
_ _
_
[1957-59 = 100, seasonally adjusted]
Industry
Total
industrial
production
Period
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969 p
1968: Nov
Dec
1969: Jan
Feb
Mar
Apr
May_
June.
Julv
Aug
Sept
Oct
Nov
Dec p
COUNCIL OF ECONOMIC ADVISERS
_ _
_
_
_
108. 7
109.7
118. 3
124. 3
132.3
143.4
156. 3
158.1
165. 5
172. 7
167. 8
168. 7
169. 1
170. 1
171. 4
171. 7
172. 5
173. 7
174. 6
174. 3
173. 9
173. 1
171. 4
170.9
3S1 anufactur ing
Total
j
i
1
i
108.9
109. 6
118.7
124. 9
133. 1
145. 0
158. <>
159.7
166. 9
173. 8
169. 2
170. 1
170. 2
171. S
173. 1
17:i 0
173. 8
174. 8
175. 6
175. 4
175. 2
174. 1
171. 9
171. 2
Note.—Data for 1968 have been revised.
Source: Board of Governors of the Federal Reserve System.
16
B^i]rial produi3tS
NonDurable durable
Mining
109.5
112.9
119. 8
125.3
132.6
140.8
150. 8
154.6
163. 3
170. 5
167. 1
167. 5
166. 7
168. 3
169. 5
169. 6
170. 3
170. o
171.8
171. 3
170. 9
170. 1
171. 1
171. 1
101. 6
102. 6
105. 0
107.9
111.5
114.8
120. 5
123.8
126.6
130. 2
126. 6
127. 8
125. 8
124. 8
126. 7
128. 8
130. 3
134. 4
133. 2
131. 2
131. 6
130. 2
132. 0
133. 9
108. 5
107.0
117.9
124, 5
133.5
148.4
164. 8
163.7
169.8
176. 4
171. 0
172. 1
173. 0
174. 5
175. 9
175. 7
176. 7
178. 3
178. 7
178.8
178. 7
177. 3
172. 5
171. 3
Mai^ket
1
Utilities
115. 6
122. 3
131. 4
140. 0
151.3
160.9
173. 9
184.9
202. 5
221. 3
207. 2
210. 6
215. 1
214. 9
215. 1
216, 3
213. 6
215. 6
222. 2
222. 6
222. 5
224. 4
224. 9
225. 5
Total
109.9
111.2
119. 7
124 9
131.8
142.5
155. 5
158. 3
165.1
170. 8
167. 6
167. 9
168. 2
169. 3
170. 8
170. 2
170. 0
170.7
172. 8
172. 7
172. 2
170. 7
168. 0
167. 6
Consumer
goods
111. 0
112. 6
119. 7
125. 2
131.7
140.3
147. 5
148.5
156.9
162. 4
159. 2
160. 2
161. 0
161. 7
162. 8
161. 8
160. 7
161. 5
164. 4
164. 2
162. 8
160. 8
159. 6
159. 1
Equipment
107.6
108.3
119.6
124,2
132.0
147.0
172. 6
179.4
182.6
188.6
185. 5
184. 5
183. 5
185. 5
187. 8
188.4
190. 0
190. 4
190. 8
190. 3
192. 4
191. 8
185. 9
185. 8
Materials
107.6
108.4
117. 0
123.7
132.8
144. 2
157.0
157.8
165.8
174. 6
168. 1
168. 8
169. 6
170. 8
172. 1
172. 9
174. 5
176. 3
176. 5
175. 9
176. 0
175. 9
174. 6
174. 0
PRODUCTION OF SELECTED MANUFACTURES
Production of most durable manufactures (seasonally adjusted) declined further in December with a 5 percent decline
in the motor vehicles group being the largest. On balance, nondurables showed no change.
Index, 1957-59=100 (SEASONALLY ADJUSTED)
200
Index, 1957-59=100 (SEASONALLY ADJUSTED)
240
180
220
CHEMICALS, PETROLEUM,
AND RUBBER
160
200
140
180
120
160.
PAPER AND
- PRINTING -
%
LUMBER AND PRODUCTS
Mil
100
M i l l I I I 1 I 1 I M l II I I 1 I 1 I
I I I 1 I I I I II I
140
220
200
1966
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100, seasonally adjusted]
Durab le manufstctures
Period
Primary
metals
No ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper
cated
Machin- tation
and
apparel,
and
ery
metal
equipand
printprodproducts
ment
ing
leather
ucts
Chemicals, Foods,
petrobeverleum, and ages, and
rubber tobacco
160.5
183.8
183.4
184.3
195. 6
108. 2
103.6
118.3
127.0
130.7
149.2
166.9
165. 7
179.5
174. 6
102. 1
101. 3
106. 1
108.9
112.6
117.4
119. 4
116.9
122. 3
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141. 6
139.4
144.8
143. 9
116.7
120. 1
127.5
135.3
146. 4
149.6
155.5
164. 7
222. 4
106. 6
110.2
113. 3
116. 8
120.8
123.4
128. 1
131.7
135.3
138. 9
173. 7
175. 4
187. 4
188. 5
180.0
176.4
123. 7
132. 3
147. 3
145. 1
158. 8
160. 8
216.7
215. 9
135.0
137. 3
176.4
177. 6
178. 5
178.3
179. 2
180. 6
179. 1
180. 6
179. 1
179. 5
179.2
180
191. 8
192. 7
194. 7
194.6
196. 9
197. 2
198. 1
199. 4
201. 2
198. 9
188. 2
171.2
173. 1
174. 1
172.4
171. 8
176.6
181. 1
179. 1
178. 8
175. 7
168.2
122. 5
126. 7
130. 8
122.6
120. 7
143. 6
142. 6
144. 7
143.7
146. 3
146. 0
145. 4
143. 3
141. 1
141. 7
141. 3
142
160. 2
161. 2
162. 2
162.4
163. 8
164. 4
165. 9
166. 3
165. 8
165. 7
166. 9
214. 1
218. 0
219. 6
221.7
222. 7
223. 2
225. 2
222. 4
223. 3
224. 3
138. 0
139.5
139. 8
138.2
136.9
137.0
138. 4
141. 0
140. 4
136. 2
138. 6
1960
1961
1962
1963
1964
1965
1966
1967
_.. _ _ _ _ _ _ _
1968
1969 *>
101.3
98.9
104.6
113. 3
129.1
137.6
142.7
132.5
137.0
149. 2
107.6
106.5
117. 1
123.4
132.7
147.8
163.0
161.9
167.9
179.8
1968: Nov
Dec
127. 9
134. 8
1969: Jan_
Feb
Mar
_ __
Apr
_ _
__
May "_
_
June
__
July
Aug
_
Sept_
_ ___
_ ___ ___
Oct___ _ _ _ _ _ _ _ _ _ _
Nov
D e c »__
_ ___
139. 5
143. 6
146. 2
147.9
149. 3
153. 1
152. 4
151. 3
149.3
150. 4
151. 1
151
110. 8
110. 4
123. 5
129. 2
141.4
188
164
115. ~>
113. 4
114. 1
111. 1
113. 8
109. 0
112. 4
166
113. 9
118. 9
131. 2
141. 8
152.5
164.6
181. 9
190.0
207.7
224.9
224
140
Note.—Data for 1968 have been revised.
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined in December. Output of cars and trucks dropped sharply—over 25
percent.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
BITUMINOUS COAL
2.5
3.5
2.0
1.5
1.0
1.51*1 1 1 I I M I I I I I i I I I 1 . I 1 ll 1 1 I
"J.
F
M
A
M
BILLIONS OF KILOWATT HOURS
35
, i , I , . . I , , , , I , , . I , . , , I . , , I . , , I , , , , I , , , I ,V. . I . . , , I , . , J
J
F
M
A
M
J
J
A
S
O
N
D*
1 11 1 I . 1 1 1 .
J
THOUSANDS
300
20
SOURCES:
AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR.
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1963
1964
1965
1966
1967
1968
1969
_-_ _
1968: Nov.
Dec
1969: Jan
Feb
Mar
_
Apr
May___ __ _ _
June
_
July
Aug__
Sept
Oct
Novp
Dec ~
Week ended:
1969: Dec 27
1970: Jan 3
10
17"33
24"
Electric
Bituminous Freight Paperboard
Cars and tru cks
Steel pi-oduced
power
coal mined
produced assembl ed (thou sands)
loaded
Index
distributed (thousands (thousands
Thousands
(thousands
of net
(1957-59= (millions of
of short
Total
Cars Trucks
of tons)
of cars)
100)
tons
kilowatt-hours) tons) J
2, 096
2, 431
2, 521
2, 572
2, 440
2, 515
2, 705
2, 235
2, 358
2,502
2, 729
2, 799
2,830
2, 789
2, 753
2, 571
2,578
2, 692
2, 782
2,778
2, 663
112. 5
130. 5
135.3
138. 1
131. 0
135. 0
145. 2
120. 0
126.6
134. 3
146. 5
150. 3
151. 9
149. 7
147. 8
138. 0
138.4
144. 5
149. 3
149. 1
142. 9
17, 490
18, 728
20, 169
21, 971
23, 169
25, 244
27, 588
25, 319
26, 806
27, 484
27, 241
26, 584
25, 291
25, 852
27, 897
30, 053
30, 071
27, 873
26, 917
27, 308
28, 426
1, 535
1,630
1,735
1,798
1, 868
1, 827
1, 859
1, 836
1,809
1,835
1, 747
1, 693
1,854
1, 865
1,770
2, 146
1,832
1,891
1,983
1,890
1, 889
555
558
562
570
540
543
544
557
495
490
512
530
552
568
570
514
568
567
595
562
483
2, 454
2, 603
2,541
2,549
2, 520
131. 7
139. 7
136.4
136. 8
135. 3
27, 455
27, 564
30, 760
30, 052
1, 731
1,676
1, 433
1, 813
382
387
456
496
1
Daily average. Includes data for Alaska.
2 For period Dec 21-31.
Not charted.
* For period Jan 1-10.
3
18
COUNCIL OF ECONOMIC ADVISERS
2
4
358
384
410
446
439
479
510
505
457
474
516
527
516
534
529
474
514
489
528
526
492
175. 0
178. 8
213.7
199.3
172.9
207.6
195.7
243.8
204.7
213. 4
218.3
222. 4
199. 3
194. 6
226. 2
125. 7
122.8
208. 1
228.4
211. 5
155. 5
146.9
148. 8
179.4
165. 4
142. 4
170. 1
158. 1
203. 5
169.7
176. 1
177.7
181. 3
161. 9
161. 9
187. 7
93. 4
93.4
171. 6
185. 1
167. 9
122. 7
28. 1
30.0
34.3
33. 9
30. 5
37.5
37. 6
40.3
35. 1
37. 3
40. 5
41. 1
37.3
32. 7
38. 5
32. 3
29. 4
36. 5
43. 3
43. 6
32. 7
655
53. 5
45. 7
195. 4
176. 3
201.5
38. 7
30. 9
155. 7
138. 5
162. 0
14.8
14. 8
39. 7
37. 8
39. 6
517
518
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward's Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, new construction (seasonally adjusted) declined 2 percent in November. Residential nonfarm and commercial and industrial construction accounted for the decline.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
1 969
1963
SOURCE:
DEPARTMENT OF COMMERCE
Period
Total new
construction
expenditures
66.2
72. 3
75. 1
76.2
84.7
92. 0
1964
1965
1966
1967
1968
19693
COUNCIL OF ECONOMIC ADVISERS
Private
Total
45. 8
50. 3
51. 1
50. 6
57. 0
63. 7
Residential nonfarm
Commeri
New
cial and
1
Total
I housing
industrial
|
units
Billions of doll ars
26. 3 i
20. 4
9. 0
26. 3 1
20. 4
11. 9
24. 0 1
18. 0
13.6
23. 7 1
17. 9
13. 1
28. 8 I
22. 4
13. 9
16. 4
31. 6 1
23. 6
Other
10. 6
12. 1
13. 6
13.7
14. 2
15. 7
Constructio]neon tracts 2
CommerTotal value cial and
(index, i industrial
1957-59= ! floor space
100)
(millions of
square feet)
Federal,
State,
and
local
20. 4
22. 1
24. 0
25. 6
27.7
28. 3
137.
142.
145.
153.
173.
189.
0
8
3
3
4
4
i
Seasonally
adjusted
Seasonally adjusted ai inual rates
1968: Oct__ __ .
Nov
Dec
I960: Jan
Feb
Mar.
Apr
May
June _
July
Aug
__
Sept__
Oct
Nov p
Dec
87. 8
87. 8
88. 1
92. 0
92. 1
91.7
92. 7
92. 3
91. 5
91.8
91. 7
93. 6
93. 9
92. 0
59. 3
59. 0
58. 9
62. 9
62. 6
62. 8
63. 0
63. 6
63. 2
64. 2
64. 0
65. 6
65. 8
63. 8
29. 8
30. 2
30. 9
31. 1
31. 4
32. 4
32. 9
32. 9
31. 8
31.4
30. 9
31. 1
31. 5
31. 2
•
:
;
;
;
!
;
i
'
;
1
!
;
j
23.
24.
25.
25.
25.
25.
25.
24.
23.
23.
22.
22.
23.
22.
!
1
Includes nonhousekeeping residential contraction and additions and alterations,
not shown separately.
2
Compiled by F. W. Dodge Company and relates to 48 States.
3
Estimates.
6
1
0
0
5
5
0
5
9
2
6
6
0
6
15. 0
14. 5
14. 0
16. 8
16. 3
15. 8
14. 9
15. 2
16. 1
16. 8
16.8
17.8
17.8
16. 1
14. 4
14. 3
14. 0
15. 0
14. 9
14. 6
15. 1
15. 5
15. 3
16. 0
16. 4
16.7
16. 5
16. 5
28. 5
28. 8
29. 2
29. 1
29. 5
29.0
29. 7
28. 7
28.3
27. 5
27.7
28.0
28.1
28. 2
200
183
179
204
205
182
183
210
186
180
216
173
195
178
218
599
680
769
694
779
883
Seasonally
adjusted
annual
rates
956
836
858
1, 133
840
762
790
1, 027
964
884
864
790
1, 029
762
1, 039
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm starts declined again in December to a seasonally adjusted annual rate of about 1 VA million starts.
Starts for the year 1969 were about 21A percent below the 1968 level. Permits fell slightly in December.
MILLIONS OF UNITS
MILLIONS OF UNITS
1.0
1.0
1963
SOURCES: DEPARTMENT OF COMMERCE:. FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
COUNCIL OF ECONOMIC ADVISERS
[Thousands of units]
Hou sing start 3
I Total
I private
Period j
and
i public
i (includi
ing
! farm)
1964
11,561. 6
1965
! 1,509. 6
1966__ _ _ .[I, 196. 2
1967
1,321. 9
1968
|1, 547. 7
1969 »
1,496. 6
1968:
Nov..
Dec__
1969: Jan___
Feb__
Mar
Apr_ _
May__
June__
July__
Aug__
Sept__
Oct__
Nov.
Decp_
129. 5
99. 8
105. 8
94. 8
135. 6
159. 9
157. 7
150.8
126. 5
127.6
132. 9
125. 8
97.4
81. 8
Total
private Private
non(including
farm
i
farm)
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
1, 507. 7
1, 463. 2
127. 1
96. 4
101. 5
90. 1
131. 9
159. 0
155. 5
147. 3
125. 2
124.9
129. 3
123. 4
94. 6
80. 5
1, 502. 3
1, 450. 6
1, 141. 5
1, 268. 4
1, 483. 6
1, 445. 5
1
1
1
1
1
1
125. 1 1
95. 5
100. 2
89. 2
130. 6
157. 4
154. 0
144.8
122. 9
123. 5
127. 6 i !
122. 1 ;
9.3. 1
80. 2
Total
One
unit
529. 3
472. 9
165. 0
291. 6
507. 7
463. 2
971. 5
963. 8
778. 5
843.9
899. 5
809. 3
1, 733
1, 507
1, 878
1,686
1, 584
1, 563
1, 509
1,469
1,371
1, 384
1, 542
1, 392
1,297
1, 245
905
922
1,066
975
828
797
883
808
765
723
846
111
783
718
1
Authorized by issuance of local building permit; in 13,000 permit-issuing
places
beginning 1967; 12,000 for 1963-66; and 10,000 prior to 1963.
2
Units represented by mortgage applications for new home construction.
20
Propose d home
constr uction
Privs ite nonfa rm
New
private
Goverriment housing Applica- Requests
Two or
home pr ograms units tions for for VA
FHA appraisTotal
more
authorals 2
units
ized l commitFHA
VA
ments 2
182. 1
113. 6
557. 8 1, 502. 3 154. 0 59. 2 1, 285. 8
102. 1
188. 9
509. 1 1, 450. 6 159. 9 49. 4 1, 239. 8
153. 0
971. 9
99. 2
386. 5 1, 141. 5 129. 1 36. 8
167. 2
124. 3
447.7 1, 268. 4 141. 9 52. 5 1, 141. 0
168. 9
608. 2 1, 483. 6 147. 7 56. 1 1, 341. 4
131. 7
187.6
138. 2
653. 8 1, 445. 5 153. 6 51. 2 11, 296. 2
Seasonally adjusted annual rates
212
172
158
1,425
1, 705
53
828
187
1,492
1,463
136
158
65
585
137
57
1,403
179
812
148
1,845
52
169
132
711
1, 477
1, 664
138
1,421
161
1,567
157
53
136
756
1,502
48
166
1,548
166
124
766
1,323
122
134
47
168
1, 495
626
1,340
147
175
1, 446
48
126
661
137!
46
1, 228
175
145
1,349
606
47
170
143 \
1,370
1,245
661
151
54
193
1,522
152;
1,201
127
696
1,183
231
52
130
163'
1,379
615
239
184
53
514
1,277
1,191
59
1, 177
209
193
147
527
1,240
Private (includin g farm)
m
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 advance reports, retail sales (seasonally adjusted) were unchanged in December. In November, business
sales declined mainly because of a decrease in manufacturing. The rise in business inventories was much smaller in
November than in October.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
22
BUSINESS SALES AND
RETAIL TRADE (ENLARGED SCALE)
INVENTORIES
20 (-DURABLE GOODS STORES
18
16
14
12
10
80
8
24 [-WHOLESALE TRADE (ENLARGED SCALE) -
24
INVENTORIES
22
20
18
16
14
I
1966
1969
1967
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Total business l
Wholesale
Sales
Period
Sales
2
!
Retail 5
2
[nventories 3
NonDurable durable
goods
goods
stores
stores
iN* ondurable
goods
stores
Inventories 3
o , „
Invenfeales - ! tories 3
101, 149
105, 525
111, 548
121, 140
137, 184
143, 694
153, 764
164, 992
12, 674
13, 382
14, 527
15, 595
16, 979
17, 099
18, 329
19, 776
! 14, 936
16, 048
' 16, 977
i 18, 274
! 20, 691
I 21, 557
22, 528
24, 039
19, 630
20, 556
21, 823
23, 677
25, 330
26, 151
28, 277
29, 340
6, 241
6, 661
7,049
7,849
8, 192
8,348
9, 187
9,409
13, 389
13, 895
14, 773
15, 828
17, 138
17, 803
19, 090
19, 931
28, 001
29, 450
31, 201
34, 687
38, 368
39, 318
42, 657
45, 537
11, 703
12, 436
13, 189
15, 255
17, 309
17, 403
19, 461
20, 602
16, 298
17, 014
18, 012
19, 432
21, 059
21, 915
23, 196
24, 935
152, 017
152, 830
153, 764
154, 086
155, 339
156, 401
157, 477
158, 602
159, 264
160, 631
161, 659
162, 733
164,250
164, 992
18, 418
18, 788
18, 830
18, 347
18, 799
19, 516
19,612
20, 105
19,970
19, 719
20, 059
20, 210
20, 288
20, 345
22, 231
22, 395
22, 528
22, 441
22, 769
23, 080
23,341
23, 438
23,611
23, 591
23, 609
23, 716
23, 956
24, 039
28, 697
28, 806
28, 347
28, 989
29, 289
28, 916
29, 442
29, 386
29, 371
29, 090
29, 346
29, 259
29, 620
29, 548
29, 581
9, 342
9,314
9, 238
9, 446
9,597
9, 377
9,575
9,481
9, 545
19, 355
19, 492
19, 109
19, 543
19, 692
19, 539
19, 867
19, 905
19, 826
19, 949
20, 185
19, 875
20, 266
20, 297
20, 290
42, 220
42, 488
42, 657
42, 740
43, 014
43, 004
43, 11C
43, 025
43, 438
43, 874
44, 322
44, 806
45, 378
45, 537
19, 165
19, 361
19, 461
19, 622
19, 487
19, 542
19, 567
19, 044
19, 365
19, 358
19, 756
20, 079
20, 564
20, 602
23, 055
23, 127
23, 196
23, 118
23, 527
23, 462
23, 551
23, 981
24, 073
24, 516
24, 566
24, 727
24, 814
24, 935
Total
Total
Durable
goods
stores
Millions of dollars, seasonally adjusted
1962
1963
1964
196:>
I960
1967
196S
196!) "
IOCS: (K-,t
Nov
Dec
1969: ,J:m__
Fob
.Mar
Apr
M:iv
.June
.l;ilv_.
AuS«-|'i
<>rt.
X<»\ "
!>,•<• '•
j
65,417
1 68, 969
_ J 73,685
' 80, 276
1 87, 184
! 88,962
__ I 96, 915
103, 896
;
99, 675
100, 142
98, 671
100, 137
101, 390
i 101, 510
i 102, 352
! 103, 232
i 104, 127
104, 201
!
104, 644
_ _ ! 105, 903
! 106, 907
' 106, 036
1
r I I - M I I "business" also includes manufacturing (
' l i t h l y average lor year and total for month.
< > k v a l u e , end of period, seasonally adjusted.
• i n m i i i - n u l l , « l n t a i n c l u d e Alaska'and H a w a i i .
5
9, 141
9, 161
9,384
9, 354
9, 251
9, 291
Beginning 1960, data include Alaska and Hawaii.
Source: Department of Commerce.
21
MANUFACTURERS5 SHIPMENTS, INVENTORIES, AND NEW ORDERS
In December, new orders (seasonally adjusted) received by
straight month. Shipments were off sharply.
BILLIONS OF DOLLARS
(SEASONALLY ADJUSTED)
durable goods manufacturers
BILLIONS OF DOLLARS
MANUFACTURERS' SHIPMENTS
declined for the third
(SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
TOTAL
40
30
40
MANUFACT JRERS' NEW (ORDERS
30
40
DL RABLE GOODS y,
.„.«••'*•"" ..•i.i".
.„„.,„
20
30
\
NONDU RABLE GOODS
y i i i i
i i i i i
1966
SOURCE:
!
i
1
1
1 1
1 1
1
1 1
1 | | ! 1
1967
.1 1 I ! !
1968
M i l !
1 ! 1 1 1N
1969
20
"
1966
1969
DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' sh ipmentsl Manufact urers' inv entories2
Manufacture rs' new orders'
j | Manufacturers'
inventoryship-
Durab le goods
Period
Non-
Total
Durable
durable
goods
goods
Non-
Non-
Total
Durable
durable
goods
goods
Total
Total
Machinery durable
and
goods
equipment
i ratio 3
Millions of dollars seasonal y ad justed
1962
1963
33, 113
35, 032
1964___
37, 335
1965.
41, 003
44, 876
1966__
1967___
45, 712
1968__
__ __
50, 310
4
1969 _ _ __ _ 54, 780
52, 548
1968: Nov
51, 494
Dec
52, 801
1969: Jan
53, 302
Feb
Mar
53, 078
53, 298
Apr__
53,
741
May
June _ _ 54, 786
July
55, 392
Aug
55, 239
56, 434
Sept
Get
56, 999
Novp 5
56, 143
Dec
_
17, 103
18, 247
19, 634
22, 216
24, 635
24, 973
27, 579
30, 452
28, 786
27, 742
29, 325
29, 914
29, 530
29, 643
29, 573
30, 136
30, 605
30, 868
31, 742
31, 889
31, 099
30, 071
16, 010
16, 786
17, 701
18, 788
20, 240
20, 739
22, 731
24, 328
23, 762
23, 752
23, 476
23, 388
23, 548
23, 655
24, 168
24, 650
24, 787
24, 371
24, 692
25, 110
25, 044
58, 212
60, 027
63, 370
68, 179
78, 125
82, 819
88, 579
95, 416
87, 947
88, 579
88, 905
89, 556
90, 317
91, 018
92, 139
92, 215
93, 166
93, 728
94, 211
94, 916
95, 416
34, 609
35, 807
38, 433
42, 204
49, 797
53, 540
57, 422
63, 076
56, 953
57, 422
57, 879
58, 282
58, 978
59, 426
60, 222
60, 479
61, 441
61, 724
62, 036
62, 631
63, 076
23, 603
24, 220
24, 937
25, 975
28, 328
29, 279
31, 157
32, 340
30, 994
31, 157
31, 026
31, 274
31, 339
31, 592
31, 917
31, 736
31, 725
32, 004
32, 175
32, 285
32, 340
33, 005
35, 322
37, 952
17, 026
18, 522
20, 258
41,803' 22, 986
45, 938 25, 710
45, 928 25, 189
50, 597 27, 868
54, 956 30, 630
53, 100 29, 325
53, 101 29, 380
53, 119 29, 684
53, 901 30, 482
53, 283 29, 697
54, 635 30, 944
54, 133 29, 998
53, 861 29, 171
55, 793 31, 069
54, 799 30, 482
56, 829 32, 135
56, 917 31, 795
56, 103 31, 049
29, 516
3, 090
3,412
3, 935
4, 435
5, 268
5, 250
5, 804
6,402
6, 089
6, 237
6, 204
6, 511
6,414
7,099
6, 428
6, 528
6, 346
6, 245
7, 352
6, 450
6,402
15, 979
16, 800
17, 694
18, 817
20, 228
20, 739
22, 72S
24, 327
23, 775
23, 721 ;
23, 435 ;
23, 419
23, 586 !
23, 691
24, 135
24, 690 ;
24, 724
24,317
24, 694 !
25. 122 i
25, 054
6, 163
J
Monthly average for year and total for month.
* Book value, end oi period, seasonally adjusted.
3
For annual periods, ratio ol weighted average inventories to average monthly
shipments; for monthly data, ratio ol inventories at end oi month to shipments
or4month.
Estimates; data for year calculated on basis of no change from November.
6
Not charted.
22
NOTE.—Data for Alaska and Hawaii included beginning 1958.
Source: Department oi Co'.nmerce.
1. 72
1. 69
1. 64
1. 60
1. 62
]. 77
1.70
1. 68
1.67
i. ' 2
1. 68
1. 68
1. 70
1. 71
1. 71
i. 68
1. 68
1.70
1. 67
1. 67
1. 70
MERCHANDISE EXPORTS AND IMPORTS
In December, the merchandise trade balance increased to $232 million (seasonally adjusted). During 1969, the
monthly surplus averaged $105 million, compared to an average monthly surplus of $70 million in 1968.
BILLIONS OF DOLLARS
4.0
BILLIONS OF DOLLARS
4.0
2.0
1.5
1.5
1.0
1.0
1970
1964
3/SEE NOTE 1 BELOW.
SOURCEi DEPARTMENT OF COMMERCE
i
I
Period
[Millions of dollars]
Mei•chandise exports
Merctlandise i nports
Total ^includDomesti<3 exports
Gen<2ral impc>rts 2
ing ree:•cports) l
3
Total
Food, Crude
Food, Crude Manubever- matematefacSeason- Unad- Total i 3 beverages,
rials
ages,
rials
Season- Unadtured
ally ad- justed
and
and
and toally ad- justed and tojusted
goods
fuels
fuel
bacco
bacco
justed
Mont hi v average:
1961
1962
1963
1964
1965
1966 __
]967_
1968
1969
_ __
1909: J a n _ _
Feb__
Mar__
Apr..
Mav_
.) i i n o _
JulvAiitf__
So |>t_
<>cl__
Nov.
1 )<HJ__
3, 134
3, 046
289
665
312
726
349
848
123
386
377
201
432
421
392
554
802
383
064
370
U n ad juste d
418
3, 099
442
3, 007
2, 057
2, 145
3, 367
3, 507
3, 543
3, 100
2, 998
o, 165
3, 1 1 3
3, 570
3, 415
3, 363
2,
2,
3,
3,
3,
3,
2,
3,
3,
3,
3,
3,
1,
1,
1,
2,
2,
2,
2,
2,
3,
J9G8: Nov.. 2, 972
Dec.. 2, 077
'Total
lie^ and
iTotnl
8
Total
COUNCIL OF ECONOMIC ADVISEES
2, 093
2, 297
8, 196
6', 365
3, 292
8, 21 '.I
3, 172
3, 3S5
:•>, 826
V, 3(M
;•;, 8(>7
/>, 239
686
749
872
153
229
458
586
839
110
1,
1,
1,
2,
2,
2,
2,
2,
3,
017
112
322
458
499
052
956
112
009
526
364
312
143
LSI
37~>
39(i
437
424
386
370
392
453
462
427
1,
1,
1,
1,
1,
1,
1,
1,
2,
465
444
2, 207
2, 073
2 888
2 908
2, 804
3, 010
227
253
397
511
479
400
422
418
397
524
508
476
1,
1,
2,
2,
2,
2,
2,
2,
2
2,
2,
2,
2
2
2
3
8
8
8:
i
018
655
981
177
276
188
066
ISO
2, 026
2, 401
&
tj
<!>0)0)
&f5?-r
3,430
3 214
8 007
2, 989
excludes Department of Dofonso shipi nents of ^rant-aid military suj>equipment under the Military Assistai ico Program.
arrivals of imported poods other than i utransit shipments.
includes commodities and transactions not classified according io kind.
1, 230
1,372
1, 434
1, 562
1, 786
2, 135
2, 241
2, 769
322
280
315
361
356
367
394
405
437
065
139
191
377
453
602
737
985
230
627
Gf>6
491
534
547
184
115
276
222
484
294
357
3,004
; 055
2,993
3,
3,
3,
3,
2,
3,
334
236
216
154
910
132
3,247
288
361
306
391
322
396
335
419
334
453
382
476
392
447
447
503
442
533
Unad listed
471
459
475
545
194
316
503
506
486
486
477
418
436
523
442
522
457
476
546
589
537
515
526
529
528
582
488
622
Grossmerchandise
trade
Manusurplus,
facseasontured
ally adgoods
justed
545
637
672
759
937
1, 204
1, 313
1,719
1,918
455
377
438
590
444
323
345
70
105
1, 766
1, 877
89
70
1, 286
1, 523
1,847
2, 129
2, 102
2, 096
2, 030
1, 855
75
— 359
215
178
16
25
105
205
271
147
153
282
2,046
2,198
1,945
1,976
Note.—Data adjusted to include silver ore and bullion reported separately
prior to 1909.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
In the third quarter, the surplus on goods and services was $2.9 billion, an increase of $1.7 billion from the second
quarter (seasonally adjusted annual rates). Exports of goods and services rose by $1.2 billion, while imports declined by $0.5 billion.
BILLIONS OF DOLLARS
EXPORTS OF GOODS AND SERVICES
\
30
IMPORTS OF GOODS AND SERVICES
20
20
10
1963
3969
-M=RELIMINARY.
SOURCE! DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
1964
1965
1966
1967
1968 2
1969
Total
_
37, 271
39, 399
43, 360
46, 188
50, 594
54, 275
Exports of good s and seir vices
Inconle on
investinents
MiliMerchantary
GovPridise i
sales
ernvate ment
25, 478
747
26, 447
830
29, 389
829
30, 681 1,240
33, 598 1,427
35, 489 1, 564
4,930
5,384
5,659
6,234
6,934
7, 887
456
509
593
638
765
951
Impor ts of good s and ser\dees
Balance
on
Other
services
Total
Merchan-l
dise
5,659
6,230
6,891
7,394
7,871
8,384
28, 691
32, 278
38, 081
41, Oil
48, 078
52, 405
18, 647
21, 496
25, 463
26, 821
32, 972
35, 193
Mili- Other goods
tary
and
expend- services servitures
ices
2,880 7, 164
2,952 7,831
3,764 8, 854
4,378 9, 813
4, 530 10, 577
4,813 12, 399
8,580
7, 121
5, 279
5, 177
2, 516
1, 869
Seasonally adjusted annual rates
1968: II
III
IV
50, 672
53, 376
50, 612
33, 580 1,412
35, 516 1, 624
33, 532 1,456
7, 072
7,312
7, 108
820
848
560
7 788 47, 308
8 076 49, 740
7 956 49, 408
32, 524
34, 264
33, 832
4,464 10,320 3,364
4,572 10,904 3, 636
4,676 10,900 1,204
1969: I
II—
47, 652
56, 980
58, 192
29, 876 1, 672
38, 352 1, 336
38, 240 1, 684
7, 544
7,672
8,444
936
932
984
7 624 46, 200
8 688 55, 768
8 840 55, 248
30, 288
38, 364
36, 928
4,816 11, 096 1, 452
4,832 12, 572 1,212
4, 792 13, 528 2,944
III v
1
Adjusted
2
from customs data for differences in timing and coverage.
Average of the first 3 quarters on a seasonally adjusted annual rates basis.
24
Source: Department of Commerce.
U.S. BALANCE OF INTERNATIONAL PAYMENTS
In the third quarter, the balance of payments on the liquidity basis showed a deficit of $10.2 billion, down from the
extraordinary deficit of $15.5 billion in the second quarter (seasonally adjusted annual rates). The official reserve
transactions balance shifted from a surplus of $4.9 billion in the second quarter to a deficit of $3.7 billion in the third
quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
BALANCE ON GOODS AND SERVICES
A __
BALANCE, OFFICIAL RESERVE
TRANSACTIONS BASIS
SOURCi: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
U.S.
Government
grants
and
capital,
net 1
1964...
1965___
1966___
1967___
1968__1969 7 _ _
U.S. pr ivate cap] tal, net
Direct
investment
Other
longterm
Shortterm
BaUmce
Errors
Foreign and unrecorded Liquidcapital,
net 1
transity
actions
basis 2
Official
reserve
transactions
basis 3
Changes
in gold,
convertible currenTo f oreig n official
cies, and
5
hold ers
To other IMF gold
foreign
tranche
holders 6 position
N^on—
Liquid
(increase
liquid
Chan ges in sel Beted
liabiliticjs (decrea 3e [-])*
r-])
318
1, 554
1, 075
- 3, 564 -2, 328 — 2, 103 — 2, 147
689 -1, 118 -2, 800- 1, 564
171
-18
85
131
- 3, 406 - 3, 468 -1,079
270
-576 - 1, 335- 1, 289
753
1, 222
761
2, 384
266 — 1, 595
- 3, 444 -3,639
-256
2, 531
-489
-415
— 1, 357
568
1, 346
2, 020
1, 472
3, 360 — 1, 007 - 3, 544-3,418
-4,223 -3, 154 -1, 292 -1, 209
52
3, 811
-642
8, 565
168 1,638 - 3, 099 2, 341
-3,955 — 3, 025 — 1, 082 -1,049
-880
-4, 000 -4, 107 - 1, 505
-623
3, 039 -4, 319 -10, 795 1,949
Seasonally adjusted annual rates
Quarterly totals, unadjusted
1968: ;
II___J-4, 220 -4, 036
-588 -1, 524
III..J-3, 872 - 5, 048 -916 - 1, 508
IV...: -3, 340 -1, 132 — 2, 280 -376
1969: !:
I
-3, 172 -3, 712 - 1, 024 -628
II... -4, 620 -4, 228 — 1, 708 -2, 072
832
III ".! -4, 208 -4, 380 -1, 784
6,212 -2, 190
-38
388
487
1,468
777
537
664
2, 222
1, 017
-149
6,532 -5, 040 -6, 680 4, 576 -1,708
-543
1,420 -4, 352 -15,484 4,944
1, 164 -3,564 -10,220 -3, 672 2,239
45
-360
-515
3, 031
4,654
1,370
10, 068 -1,920
7, 220
1,236
10, 752
-240
1
Includes certain special Government transactions.
2
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.
J
Equals changes in liquid and nonliquid liabilities to foreign official holders
and changes in official reserve assets consisting of gold, convertible currencies,
and
the U.S. gold tranche position in the IMF.
4
Includes short-term official and banking liabilities and foreign holdings of
U.S.
Government bonds and notes.
5
Central banks, governments, and U.S. liabilities to the IMF arising from
reversible gold sales to, and gold deposits with, the U.S.
36
-556
3, 448
— 137
— 571
-1,076
8
-48
-299
-686
15
Private holders; includes banks and international and regional organizations;
excludes
IMF.
7
Average
of first 3 quarters on a seasonally adjusted annual rates basis.
8
On Sept. 30, U.S. reserve assets consisted of gold stock, $11,164 million (up $11
million from June 30); IMF position including gold portion of increased U.S.
subscription, $1,782 million; convertible currencies, $3,797 million.
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
OS
PRICES
CONSUMER PRICES
Consumer prices continued to advance in December with a rise of 0.6 percent. Food prices were up sharply and service
prices increased somewhat more than in November. Nonfood commodities, both durable and nondurable, posted
small price increases.
Index, 1957-59=100
110
100
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF IABOR
[1957-59 = 100]
All
items
Period
1960
1961
1962
1963 _
_ _ _ _
1964
1965
1966
1967 _ _ _
1968
1969
1968: Nov
Dec
1969: Jan
Feb
Mar
Apr_
Mav
June _
Julv
Aug _
Sept _ _ _ _
Oct _ _ _ _ _
Nov
Dec___ _
___
_
_
__
__
_
_
__
_ __
Source: Department of Labor.
26
_ _ _
103. 1
104. 2
105. 4
106. 7
108. 1
109.9
113. 1
116. 3
121.2
127. 7
123.4
123. 7
124. 1
124. 6
125. 6
126. 4
126. 8
127. 6
128. 2
128. 7
129. 3
129. 8
130. 5
131. 3
All commodities
101.7
102. 3
103.2
104. 1
105. 2
106.4
109. 2
111. 2
115.3
120. 5
117. 1
117. 2
117. 4
117. 8
118. 7
119. 3
119. 6
120. 5
121. 0
121.4
121. 7
122. 4
122. 9
123. 6
Co mmoditie s
Comm odities les s food
Food
NonAll
Durable durable
101.4
102. 6
103. 6
105. 1
106. 4
108.8
114. 2
115. 2
119.3
125. 5
120. 5
121. 2
122. 0
121. 9
122.4
123. 2
123. 7
125. 5
126. 7
127. 4
127. 5
127. 2
128. 1
129. 9
101.7
102. 0
102. 8
103. 5
104. 4
105. 1
106. 5
109. 2
113.2
118. 0
115.3
115. 2
115. 0
115. 7
116. 8
117. 2
117. 5
118. 0
118. 1
118. 2
118. 7
119. 8
120.2
120. 3
100. 9
100. 8
101. 8
102. 1
103. 0
102. 6
102. 7
104. 3
107.5
111. 6
109. 3
108. 7
108. 6
109. 7
111. 1
111. 4
111. 3
111. 7
111. 9
111. 9
111. 6
113. 2
113.5
113. 6
102.6
103. 2
103. 8
104. 8
105.7
107.2
109. 7
113. 1
117.7
123. 0
120.2
120. 3
120. 1
120. 5
121. 4
121. 9
122. 4
123. 0
123. 1
123. 3
124. 4
125. 1
125. 5
125. 7
Services
All
services
106. 6
108. 8
110. 9
113. 0
115. 2
117.8
122. 3
127. 7
134. 3
143. 7
137.4
138. 1
139. 0
139. 7
140. 9
142. 0
142. 7
143. 3
144. 0
145. 0
146. 0
146. 5
147. 2
148. 3
Rent
103. 1
104. 4
105. 7
106.8
107. 8
108.9
110. 4
112. 4
115. 1
118. 8
116.3
116. 7
116. 9
117. 2
117. 5
117. 8
118. 1
118. 5
118. 8
119. 3
119. 7
120. 1
120. 5
121. 0
Services
less
rent
107. 1
110. 0
112. 1
114. r>
117. 0
120.0
125. 0
131. 1
138. (5
149. 2
142.0
142. 9
143. 9
144. 6
146. 1
147. 4
148. I
148. 8
149. 6
150. 7
151. 7
152. 3
153. 1
154. 3
WHOLESALE PRICES
Wholesale prices rose 0.3 percent in December, or about one-half of the November rise. Price increases were registered
by processed foods and feeds (0.7 percent), farm products (0.5 percent), and industrial commodities (0.4 percent).
Index, 1957-59=100
Index, 1957-59=100
80
80
1963
1969
SOURCE. DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[1957-59 = 100]
All
commodities
Farm
products
Processed
foods
and
feeds
1960
1961
1962
1963
1964
1965
1966
1967__
1968
1969
100. 7
100. 3
100.6
100. 3
100. 5
102.5
105. 9
106. 1
108.7
113. 0
96. 9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99. 7
102. 2
108. 5
100. 0
101. 6
102. 7
103. 3
103. 1
106. 7
113. 0
111. 7
114. 1
119. 8
1968:
109.8
103. 3 ! 114.7
Period
1969: Jan
Fob
Mar
Apr.
May- -- -June
_
July
Aug
Sept
Oct_
_ _
Nov
Dec
110. 7
i 111. 1
: 111. 7
_ __
111.9
-- --112.X
_
113. 2
113. 3
113. 4
113. 6
_ _ _ _ _
114. 0
' 114.7
_ _
115. 1
104. 9
105. 0
106. 5
105. 6
110. 5
111. 2
110. 5
108. 9
108. 4
107. 9
111. 1
111. 7
116. 0
116. 3
116. 4
117. 3
119. 4
121. 4
122. 0
121. 5
121. 3
121. 6
121. 8
122. 6
1
Coverage of the subgroups does not correspond exactly to coverage of this
Index.
2
Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Iridustrial c ommoditi es
101. 3
100. 8
100. 8
100. 7
101. 2
102. 5
104. 7
106. 3
109.0
112. 7
Inter- Producmediate er finmateished
rials2
goods
98. 3
101. 4
102. 3
97. 2
102. 5
100. 1
95. 6
99. 9
102. 9
94.3
99. 6
103. 1
97. 1
100. 2
104. 1
100.9
101.5
105.4
104. 5
103. 6
108. 0
100. 0
104 8
111. 5
101.8
107.5
115.3
110. 5
111. 3
119. 3
110. 9
111. 4
112. 0
112. 1
112. 2
112. 2
112. 4
112. 8
113. 2
113. S
114. 2
114. 6
105. 0
105. 5
107. 2
109. 0
109.7
110. 2
110. 7
112. 5
113. 9
113. 7
114. 1
114. 5
All industrials 1
Crude
materials
109. 7
110. 4
111. 1
111. 0
111. 1
110. 8
110. 9
111.3
111. 8
112. 2
112. 6
112. 9
117. 6
117. 8
118. 0
118. 1
118. 5
118. 7
119. 3
119. 3
119.9
120. 8
121. 5
122. 3
ConsuEner finished g<:>ods excludin g food
NonDurdurable
able
100.9
101. 5
100.5
101. 5
100. 0
101. 6
99. 5
101. 9
99. 9
101.6
99.6
102.8
100. 2
104. 8
101. 7
107. 2
103.9
109.4
105. 8
112. 3
105. 1
105. 1
105. 3
105. 4
105. 4
105. 5
105. 6
105. 2
105. 3
106.9
107. 1
107. 2
110. 4
110.7
111. 2
111. 5
111.4
112. 2
112. 6
113.0
113.3
113. 6
113.8
114. 1
NOTE.—Beginning 1967, the indexes incorporate a revised weighting structure
reflecting 1963 values of shipments. The classification structure also changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended December 1 5, both the index of prices received and the index of prices paid by farmers were
unchanged. The adjusted parity ratio was also unchanged.
lnde>c, 1957-59=100130
Index, 1957-59==100
130
^ «»*««***"
PRICES PAID,
INTEREST, TAXES, ANC»
WAGb KAIfcS
120
/*
^**?*"
120
-^H
J— V
\
*'
>,
100
90
^
%r
I 1 1 1 I 1 !
1 I
1 !
/^^J
/
—-^T
i i iii! i i i ii
1
^^/
A^
^
/
\-/~^^
^v
\
PRICES RECEIVED
(ALL FARM PRODUCT*;,
1 1 1 1 1 1 1 1 1 1
1 !
1 I 1
^^
/
•*37*\i//S\
^
110
1 1
1 1 !
1
/"
110
^r
100
1
1 1 1
1
1
1 I 1
1 1
I 1 1 ! 1 1 ! t 1 1 1
1 ! 1 1 1 I 1 1 1 1 1
RATIOJ/
100
90
RAT OJ/
100
90
90
PARITY RATIO
80
\—
</\
">%-"X^
"Nrt*"«,„,
'
X,,,,,,,,*'""""*,,,,.,
^7"""""*^
80
*"*
^-o-
"\x—x..,.,,.-^.-A..m.,
70
1
I 1 1 1 I
1
1 1
! I
1 1 1 1 1 1 1 1 \ \ \
1963
!
1964
1 1
| I I 1
1965
1
1 1 I
i i:t 1 I I i i t i i
!
|
! 1 1 1 1 1 t
1966
1967
1 1
f ! |J 11 ! ! I | 1
1 ? ! ! \ \ 1 1 | 11
70
60
1969
1968
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14 = 100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices']received by f armers
Period
All farm
products
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1968: Nov 15
Dec 15
1969: Jan 15
Feb 15
Mar 15
Apr 15..
May 15
June 15_
July 15
Aug 15
Sept 15
Oct 15
Nov 15
Dec 15
__ _
99
99
101
100
98
103
110
105
108
114
109
108
109
110
112
112
117
117
117
115
114
115
118
118
Prices paid by far mers
All
items,
Livestock interest,
Family
Production
and
living
Crops
taxes,
and
products wage rates
items
items
Index, 1957-59=100
102
102
101
100
98
102
102
98
101
103
104
99
103
105
103
104
107
104
107
95
91
103
107
107
105
104
105
107
110
101
114
108
106
113
110
109
116
107
101
113
111
121
103
112
117
116
100
127
123
125
112
119
103
113
123
113
119
100
123
115
124
120
113
99
116
114
117
125
120
101
102
122
115
126
119
122
116
102
120
127
117
124
128
123
106
117
128
128
123
103
116
100
129
128
123
116
123
127
99
128
116
124
127
96
128
116
124
127
128
97
117
129
125
102
129
117
133
129
125
99
'Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio 1
Actual
80
79
80
78
76
77
80
74
74
74
73
73
72
73
73
73
75
76
75
75
74
74
76
76
Adjusted 2
81
83
83
81
80
82
86
80
79
80
79
79
78
79
79
79
82
82
82
81
79
80
82
82
2
The adjusted parity ratio reflects Government payments made directly to
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The money supply, seasonally adjusted, rose $0.4 billion in December, to make the increase for the half year since
June $0.7 billion. Time deposits declined slightly in December, but rose on a seasonally adjusted basis for the first
time in a year.
BILLIONS OF DOLLARS
250 j
BILLIONS OF DOLLARS
250
225
225
200
200
1969
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
M oney supr>iy
Money supj>iy
U.S.
i|
'
GovCurCurernTime
Time
DeDerency
rency
;
ment
de- l
demand
mand
; Total
outoutTotal
posits
posits * demand
dedeside
side
deposits
posits
banks
banks
posits l
1Dnadjuste d
Seasonall}7 ad jus tec
34.2
125.2
125. 1
_ _ _ _ _ ! 159. 3
35.0
129. 1
5.5
126.6
164.0
145.2
36.3
130.4
37. 1
134.9
! 166.7
4.6
146.7
172.0
132. 1
38.3
156.9
39. 1
3.4
! 170.4
158. 5
136.7
175.8
141. 3
182. 0
40. 4
41. 2
183.7
146. 2
5.0
1 181.7
187. 5
43. 4
44. 3
203. 1
151. 4
204. 9
156. 7
5.0
i 194.8
201. 0
192.4
153.
7
46. 0
194. 1
47. 0
159. 1
__ _ _ ! 199. 7
5.5
206. 0
43. 2
150. 5
202. 1
201. 3
43. 6
4. 5
151. 7
195. 3
! 193.6
43. 4
203. 1
151. 4
204. 9
44. 3
156. 7
5.0
__ J 194. 8
201. 0
!i
43. 5
152. 3
202.8
158. 2
4.9
203. 2
43.5
195.8
201. 7
152. 5
202. 4
43.8
202. 4
6.9
194. 8
43. 4
151. 4
196.3
44, 1
152. 7
202. 9
4. 8
202. 3
43.7
151. 3
196.8
195.0
44 2
154. 0
202. 7
202. 3
155. 3
43. 8
5. 4
__ _
_ 198. 1
199. 2
202. 2
44. 5
44. 2
153. 8
150. 3
9. 2
201. 7
194. 4
_ __
198. 3
44. 8
154. 2
44. 7
152. 3
201. 0
200. 8
6.0
199. 0
197. 0
152. 7
154. 4
45. 2
197.7
45. 0
5.6
197.7
197.8
199.3
45. 3
45. 4
4. 3
194. 5
150. 5
195. 5
153.8
195. 9
199.0
152. 4
194. 1
194. 3
45. 2
153. 7
45. 2
197. 6
5. 3
_ _ _ _ _
199. 0
45. 6
45. 6
153. 6
153. 7
193. 7 1
199. 1
193. 5
199. 3
4.2
192. 6
153. 4
193. 4
46. 4
5. 1
45. 9
154. 7
199.3
201. 0
46. 0
153. 7
194. 1
47. 0
192.4
159. 1
206. 0
5. 5
199. 7
;
Period
1964:
1965:
1966:
1967:
1968:
1969:
1968:
Dec
Dec
Dec
Dec
Dec
Dec^
Nov
Dec
1969: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec*
__
_
1
Deposits at all commercial banks.
NOTE.—Series revised; for detail see Federal Reserve Bulletin, October 1969.
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.
Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of selected liquid assets rose $81A billion (seasonally adjusted). There was a sharp rise of $11 billior.
in demand deposits and currency. Most other asset holdings declined slightly.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
700
600
500
400
400
300
200
100
¥
1963
1964
1969
3/ASSETS OTHER.THAN DEMAND DEPOSITS AND CURRENCY.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
Total
selected
liquid
assets
End of period
1963
1964
1965
1966
1967
1968
1969
1968: Nov
Dec
1969: Jan___
Feb
Mar
Apr
May
June
July
Aug
Sept
Get "v
Nov
Dec v
___ __ _
__
_ __
_.
495.4
530. 5
573. 1
601.5
650.4
709.6
729. 0
699.4
709.6
4
703. 7
705.7
713.2
710. 0
714. 3
713. 8
i 709. 5
713. 1
718. 0
714. 3
720. 6
729. 0
Demand
deposits
and
currency 1
149. 6
156. 7
164. 1
168. 6
180. 7
3
199. 2
206. 2
190. 6
3
199. 2
188. 8
189. 8
192. 4
190. 8
191. 5
194. 1
1
191. 8
193. 2
194. 1
193. 6
195. 0
206. 2
Time d eposits
Commercial
banks
112. 9
127. 1
147. 1
159. 3
183. 1
203. 8
195. 9
204. 7
203. 8
203. 4
202. 9
201. 9
200. 6
202.7
200. 4
197. 5
195. 7
195.6
195. 4
197. 1
195. 9
1
Agrees in concept with money supply, p. 29, except for deduction ol demand
deposits held by mutual savings banks and savings and loan associations. Data
for last Wednesday of month. Data prior to July 1969 have not been revised to
conform
to the money supply revision.
2
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savings and loan associations.
30
Mutual
savings
banks
44 5
49. 0
52.6
55.2
60. 3
64.7
67. 1
64.3
64.7
64. 8
65. 2
65. 5
65. 7
66. 1
66. 3
66. 3
66.4
66. 6
66.7
67.0
67. 1
Postal
Savings
System
.5
.4
.3
.1
Savings
and loan
shares
90. 9
101. 4
109.8
113.4
123.9
131.0
134. 7
130.8
131.0
131. 0
132. 0
133.4
133. 3
133. 5
133. 6
133. 6
134. 1
135. 3
134.9
135. 3
134. 7
U ^ Onv
ernment
U.S. Gov- securities
ernment maturing
savings2
within
bonds
year 2
49. 0
49. 9
50.5
50.9
51. 9
52.5
52.4
52. 1
52.5
52.5
52. 3
52.2
52. 2
52. 2
52.2
52.2
52.1
52.0
52. 0
52.0
52.4
48. 1
46. 1
48. 6
53. 9
50.5
58.5
72. 7
57.0
58.5
4
63. 4
63.4
67.7
67.5
68.3
67.3
68.1
71.6
74.6
71. 7
74. 2
72. 7
3
Estimates for Dec. 31.
* Beginning 1969 series have been adjusted to conform to the new budget
concept.
NOTE.—See Note, p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total bank credit (seasonally adjusted) fell over $1 billion in December. Loans increased by $700 million and total
investments declined by almost $2 billion. Total reserves of member banks increased almost $250 million. Borrowed
reserves declined.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
ALL COMMERCIAL BANKS
400
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
100
100
1963
*SEE FOOTNOTE 4 BELOW
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
outside
large commercial New York
Total
Investr
nents
City (232
banks
Loans,
End of period
loans excluding
centers) ,
and
seasonally
interU.S.
GovOther
Commercial
investbank
securi- and indus- adjusted
ernment
ments
annual
securities
ties
trial loans
rates *
Billions of dollars
1963
246.2
149. 6
61.7
35. 0
38. 8
2, 199
1
1964
267. 2
167. 7
42. 1
£, 706
60.7
38. 7
3
294.4
192.6
3,013
1965
57.1
44.8
53. 1
310. 5
208.2
53.6
48.7
1966
60.7
3,421
346. 5
225.4
1967 ___
59. 7
65. 8
s, 740
61. 4
384.6
251.6
61.5
4,367
71.5
73.1
1968
398. 6
276. 2
51. 8
70.5
1969 *
81. 6
384.6
4,679
251.6
61.5
1968: Dec
73.1
71.5
253. 7
71. 4
72. 9
4,888
385. 9
60.8
1969: Jan
387. 9
4, 903
73.7
258. 4
58. 1
71. 5
Feb
386. 6
257. 3
57. 4
71. 9
Mar
75. 0
4,841
72. 1
4,982
Apr
390. 7
261. 0
76. 7
57. 7
264. 1
72. 0
392. 2
5,050
56. 1
76. 6
May
264.
3
72.
0
5,230
56.
2
78.
4
392.5 4
June_ _ _
4
4
4
269.
2
397.
3
71.
8
June
56. 3
71. 0
397. 7
269. 9
56. 8
July _
77.6
5,334
270. 3
70. 3
397. 5
Aiisc
56. 9
5,282
76. 6
54. 7
271. 3
70. 5
5, 426
Sept ___ . _ 396. 5
78. 1
70. 1
5, 399
273. 3
396. 8
77.6
53. 4
Get "_p
275. 5
78. 0
53. 2
399. 7
71. 0
5,277
Nov v
51. 8
276. 2
70. 5
81. 6
5,361
Dec
398. 6
All comn lercial bank s
(s easonally adjusted da ta)
1 Debits during period to demand deposit accounts eicept interbank and
U.S.
Government. Now series beginning January 1964.
2
Averages of daily figures. Annual data are for December.
8
New series; see Federal Reserve Bulletin, March 1967.
< New series; for detail sec Federal Rezcrrc Bulletin, August 1969.
A11 membe r banks
Total
reserves
20, 746
21,609
22, 719
23, 830
25, 260
27, 221
28, 012
27, 221
28, 063
27, 291
26, 754
27, 079
27, 903
27, 317
26,
27,
26,
27,
27,
28,
980
079
971
340
764
012
2
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o f dollars
327
536
411
243
452
454
392
557
345
238
455
765
1,087
238
455
765
217
697
824
228
217
918
152
996
300
1,402
343
1,407
116
303
236
143
253
238
1, 190
1, 249
1, 067
1, 135
1,241
1,087
209
168
—2
— 165
107
-310
-849
— 310
— 480
— 596
-701
-844
-1, 102
- 1, 064
- 1, 074
-946
-831
-992
-988
-849
NOTE.—Effective June 1966, balances accumulated for payment ot personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
certain certificates of CCC and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit increased $2.8 billion in December. Seasonally adjusted instalment credit rose $600 millionBILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED (ENLARGED SCALE)
INSTALMENT CREDIT EXTENDED
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consu mer credit outs tan din g (end of p eriod;
Consum er instalme nt credit e stended
imad jus ted)
and r<3paid (seas onally adjuisted)
[nstalment
Automob ile paper
To tal
Non4.utomoJ
Total
instal-2 Extended Repaid Extended Repaid
Total
Personal
bile
ment
paper
loans
1961
57, 982
1962
63, 821
1963
71, 739
1964
80, 268
1965
90, 314
1966
97, 543
1967
102, 132
1968 4
113, 191
1969
122, 200
1968: Nov .. _ 110, 035
Dec
113, 191
1969: Jan
112, 117
Feb _ _ _
111, 569
Mar
111, 950
113, 231
Apr__
114, 750
May
June
115, 995
July
116, 597
Aug
117, 380
Sept
118, 008
Get
118,515
Nov 4
119, 378
122, 200
Dec __
43, 891
48, 720
55, 486
62, 692
71, 324
77, 539
80, 926
89, 890
98, 100
87, 953
89, 890
89, 492
89, 380
89, 672
90, 663
91, 813
93, 087
93, 833
94, 732
95, 356
95, 850
96, 478
98, 100
17, 135
19, 381
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 800
33, 925
34, 130
34, 013
34, 053
34, 262
34, 733
35, 230
35, 804
36, 081
36, 245
36, 321
36, 599
36, 650
36, 800
11, 673
13, 414
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
30, 000
26, 429
26, 936
26, 911
27, 048
27, 230
27, 628
27, 983
28, 305
28, 541
28, 957
29, 207
29, 312
29, 529
30, 000
A
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge accounts, and service credit.
J
End
of period, unadjusted.
4
Estimates.
32
14, 091
15, 101
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24, 100
22, 082
23, 301
22, 625
22, 189
22, 278
22, 568
22, 937
22, 908
22, 764
22, 648
22, 652
22, 665
22, 900
24, 100
49, 048
56, 191
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 800
8,288
8, 277
8, 371
8,414
8, 381
8,720
8,680
8, 705
8,521
8, 680
8, 669
8,661
8, 632
8,650
48, 124
51, 360
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 600
7,454
7,502
7, 730
7,616
7,735
7,960
7,834
7, 910
7,899
8, 080
7,971
7,992
8,012
8, 050
16, 029
19, 694
22, 126
24, 046
27, 227
27, 341
26, 667
31, 424
32, 500
2, 681
2, 592
2,661
2,716
2,730
2,772
2,757
2,725
2, 582
2, 634
2, 794
2,808
2,683
2, 650
16, 552
17, 447
19, 254
21, 369
23, 543
25, 404
26, 499
28, 018
29, 900
2,363
2,357
2,467
2,468
2,501
2,519
2,488
2,460
2,471
2, 562
2,498
2,463
2,503
2,500
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
153, 000
166, 500
182, 200
197, 600
212, 900
223, 600
236, 100
251, 200
266, 800
251, 200
254, 800
259, 500
263, 400
266, 800
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
Interest rates rose steeply in December. Most rates were slightly lower in mid-January than earlier in the month.
PERCENT PER ANNUM
10
PERCENT PER- ANNUM
10
CORPORATE Aaa BONDS
(MOODY'S)
/
/
\
4 -^^
1963
1969
SOURCE: SEE TABIE BELOW
Period
1962
1963
1964
1965
1966_
1967
1968
1969
1968: Nov
Dec
1969: Jan. _
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov___
Dec__
Week ended:
1969: Dec
1970: Jan
COUNCIL OF 'ECONOMIC ADVISERS
[Percent per annum]
High-grade
U.S. Gc>vernment secui*ity yields
municipal
j 3-month 1 3-5 year
bonds
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills i
Poors)
2. 77 8
3. 57
3. 95
3. 18
3. 72
3. 157
4. 00
3. 23
3. 54 9
4.06
4. 15
3. 22
4.21
4. 22
3. 954
3. 27
4. 88 1
5. 16
4. 65
3. 82
4.32 1
4.85
3.96
5.07
5.59
5.26
5.339
4.51
6. 85
6. 12
6.67 7
5. 81
5.36
5.49 2
5. 47
4.68
5. 916
5.99
5.66
4.91
6. 04
5. 74
4. 95
6. 17 7
6. 16
6.15 6
5. 86
5. 10
6. 08 0
6. 33
6. 05
5. 34
6.150
6. 15
5. 84
5. 29
6.33
5.47
!
6. 077
5.85
6. 64
6. 49 3
6. 05
5. 83
7. 02
5. 84
7. 004
6. 07
6. 02
7.08
7. 00 7
6. 07
7. 58
6. 32
i
7. 12 9
6. 35
7. 47
7. 04 0
6. 27
6. 21
7.57
_ __
7. 19 3
6. 52
6. 37
0
7.
98
7. 72
6. 81
6. 91
•
!
6.
91
4
8.
10
6.
94
26_..
7.
80
7.00
8. 26
6. 93
2 c6
8. 09 6
6. 92
6. 82
9
7. 96 0
8. 21
16 66
7. 83 7
8. 10
6. 84
6. 73
23
7. 78 9
8.04
6.83
1
3
2
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
6
«Weekly
data are Wednesday
figures.
Not charted.
6
Data for first of the month, based on the maximum permissible interest rate
(7H percent beginning late January 1969) and 30-year mortgages paid in 15 years.
4. 33
4. 26
4. 40
4.49
5. 13
5. 51
6. 18
7.03
6. 19
6.45
6. 59
6. 66
6. 85
6. 89
6. 79
6. 98
7. 08
6. 97
7. 14
7.33
7. 35
7. 72
Baa
5. 02
4.86
4. 83
4. 87
5.67
6.23
6.94
7.81
7.01
7.23
7. 32
7. 30
7. 51
7.54
7. 52
7. 70
7.84
7.86
8. 05
8. 22
8. 25
8. 65
Prime
commercial
paper,
4-6
months
3. 26
3.55
3. 97
4, 38
5. 55
5. 10
5.90
7. 83
5.92
6.17
6. 53
6. 62
6. 82
7. 04
7. 35
8. 23
8. 65
8.33
8. 48
8. 57
8. 46
8. 84
7. 84
7. 90
7. 91
7. 92
7. 90
8.80
8. 89
8. 95
8. 86
8. 79
9. 00
9.00
9. 08
8. 75
8. 70
Corporal ^e bonds
(Moo dy's)
Aaa
FHA
new home
mortgage
yields 5
5. 61
5.47
5. 45
5.46
6.29
6. 55
7.13
8. 19
7. 29
7.36
7.50
7. 99
8. 05
8.06
8. 06
8. 35
8. 36
8. 36
8. 40
8. 48
8. 48
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 dropped sharply in December. However, prices made a slight recovery in early January/
and then declined again.
Index, 1941-43=10.
Index, 1941-43=10
MONTHLY
WEEKLY
110
11f)
COMPOSIT E PRICE INDEX FOR
500 CO MMON STOCKS
100
on
-v.
Sx/./-
/""I
^\S
^-O
on
_/-^^
7ft
60
100
on
Rn
7O
I 1 1 1 11 I 1 1
M M 1 1 1 1 1 I.I
PERCENT
,-,^ HA
V\
\\f
-^"1
1 ! M 1 1 ! I M !
M
! 1 1 1 1 1 1 M
I i I I I 1 i i l l 1 i 1 I i i 1 l i i i 1i 1 1 1 1 1 II
11
1 It M
PERCENT
RATIO
RATIO
PRICE/EARNINGS RA TIO ON COMMON STOCKS
-OA
10 1
'
'
1963
/
~~~~
1~~^--—^r^
1
15
1
'
1
i
!
1964
i
1965
i
1
t
!
!
1966
g
1
!
1967
SOURCE: STANDARD & POOR'S CORPORATION
34
i
1968
l
|
Total
81.37
88.17
85.26
_
_
.
___ _
I
1969
!
K 10
COUNCIL OF ECONOMIC ADVISERS
91. 93
98.70
97. 84
106. 48
102. 04
101. 46
99. 30
101. 26
104. 62
99. 14
94. 71
94. 18
94. 51
95. 52
96. 21
91. 11
90. 29
90. 97
91. 98
92. 80
91. 55
89. 68 1
Total
Consumers'
goods
Capital
goods
Public
utilities
Railroads
Dividend
yield 2
(percent)
86. 19
93.48
91. 08
99. 18
107. 49
107. 13
116.01
110. 97
110. 15
108. 20
110. 68
114. 53
108. 59
103. 68
103. 39
103. 97
105. 07
105. 86
100. 48
1941-^13 = 10
76. 35
73. 84
85. 26
81. 94
84. 86
74. 10
79. 18
96. 96
105. 77
86.33
103. 75
87. 06
111. 44
91.91
87. 69
106. 56
87. 93
105. 47
103. 76
86. 69
88.21
105. 54
91. 57
108. 66
102. 68
88. 12
83. 04
100. 55
83. 44
100. 90
102. 27
85. 26
87. 29
103. 67
104. 68
89. 84
100. 31
85. 62
69. 91
76.08
68. 21
68. 10
66.42
62. 64
70.54
68. 65
69. 24
66. 07
65. 63
66. 91
63. 29
61. 32
59.20
57. 84
58. 80
59. 46
55. 28
45. 46
46.78
46. 34
46. 72
48.84
45.95
55. 19
54. 11
54. 78
50. 46
49. 53
49. 97
46. 43
43. 00
42. 04
42. 03
41. 75
40.63
36. 69
3. 01
3.00
3. 40
3.20
3.07
3.24
2.93
3.06
3. 10
3. 17
3. 11
3. 02
3. 18
3. 34
3.37
3. 33
3. 33
3. 31
3. 52
99. 62
100. 33
101. 39
102. 18
100. 80
98. 72
98.07
100. 21
101. 67
102. 03
101. 66
99. 10
84. 32
86.07
86. 65
86. 72
86.40
85. 82
54. 68
55. 27
56. 05
57. 13
56. 33
55. 22
35. 72
36. 41
37. 37
38. 36
37. 99
37. 56
3.59
3.51
3.48
3.46
3. 50
3.56
1
Includes 500 common stocks: 425 industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures;
all2 other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
I
15
Price index l
Industrials
Period
1964 __
1965
1966
___
1967___
1968___
1969 _
1968: Dec_ _ _ _ _
1969: Jan
_
Feb
Mar
Apr
Mav _ _ _
June
_
Julv
Aug _ __
Sept
__
Get _ _ _
Nov.
Dec
Week ended:
1969: Dec 19__
26_
1970: Jan 2 44
9
16 44
23
—-^_
1""-•^•••* ""
Price/
earnings
ratio 3
18.08
17. 08
14. 92
17.52
17.20
17.54
17.68
16. 59
15. 70
1103 averages
uvoidgoo of
vi monthly
.Luv.u.i/juj.j' uaua.
TT coA.ipr uai>a
i
_ figures.
^
are
data. Weekly
data zuc
are Wednesday
Ratio of price index for last day in quarter?r to quarterly earning
earnings (seasonally
Adjusted annual rate). Annual ratios are aver ages
a g< of" quarterly
* - data.
•> •
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
For fiscal year 1969f there was a total surplus of just over $3 billion. In the first 5 months of fiscal 1970 there was a
deficit of $9.7 billion/ a year earlier the deficit was $11.7 billion.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
80
(ENLARGED SCALE)
+20
SURPLUS (+) OR DEFICIT (-)
(ENLARGED SCALE)
+20
+10
+10
RECEIPT-EXPENDITURE ACCOUNT
0
0
-10
-10
-20
-20
1959
1960
•1961
1962
1963
1964
1965
1967
1966
1968
1969
1970
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipts
Fiscal year:
1959 ___
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
Cumulative totals for first
5 months:
Fiscal year 1969
Fiscal vear 1970 __ _
1
Expenditures
Surplus or
deficit (-)
79.2
92. 5
94 4
99. 7
106. 6
112. 7
116. 8
130. 9
149.6
153. 7
187.8
89.5
90.3
96.6
104. 5
111. 5
118. 0
117.2
130.8
153. 2
172. 8
183. 1
-10.3
2. 2
— 2.2
— 4.8
-4. 9
-5. 4
67. 1
74. 1
77.7
82. 3
-10.7
-8.2
Excludes non-interest-bearing public debt securities held by IMF.
- Surplus of $36 million.
Loan
account
Receiplb-expenditure iiccount
(2)
-.3
-3.6
-19.1
4. 7
Net
lending
2. 7
1. 9
1.2
2. 4
—.1
.5
1. 2
3. 8
5. 1
6. 0
1. 5
1. 0
1.5
Total
surplus or
deficit (-)
Gross Feeleral debt
(end of period)
Total1
Held by
the public
-12. 9
.3
-3.4
— 7. 1
— 4.8
-5.9
-1.6
-3.8
-8. 7
-25. 2
3.2
287. 7
290. 9
292.9
303. 3
310. 8
316.8
323. 2
329. 5
341.3
369. 8
367. 1
235. 0
237.2
238.6
248.4
254. 5
257. 6
261. 6
264. 7
267. 5
290. 6
279. 5
-11. 7
-9.7
375. 1
381. 2
295.4
291. 3
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1969, receipts were $34 billion over a year earlier while outlays were up $6 billion. In the first 5 months
of fiscal 1970 receipts were $7.0 billion over a year earlier while outlays were $5.0 billion higher.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
80
80
60
OTHER RECEIPTS
40
1 1
........m,.,...""""""'""" " """"
20
CORPORATION INCOME TAXES
\
j
1
J 0
120
120
20
1959
1967
1964 1965
1970
1969
FISCAL YEARS
SOURCES:
TREASURY DEPARTMENT AND
BUREAU OF THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Outlays
National defense
Period
Total
Fiscal year:
1959___.
79.2
92.5
94.4
99.7
106.6
112.7
116.8
130. 9
149.6
153. 7
I960.
1961.
1962.
1963_
1964_
1965.
1966_
1967.
1968_
1969.
Cumulative totals for
first 5 months:
Fiscal year 1969
Fiscal year 1970
1
Expenditure account.
36
j
;
j
j
Individual
Corporation
Other
36.7
40.7
41.3
45.6
47.6
48.7
17.3
25.2
21.5
21.0
20.5
21.6
23.5
187." 8
48.8
55. 4
61.5
68.7
87.2
25.5
30. 1
34.0
28.7
36.7
30.3
32.1
33.6
37.4
40.5
42. 6
45.3
54. 1
56.3
63.9
67. 1
74. 1
32.4
37.3
25. 1
28. 2
9. 6 !
8.7 |
Total
Total
Department of
Defense,
military 1
Interna- \
tional i Health
affairs ! e and
and
j income
finance ' security
Other
118.6
118.4
134.7
158.3
178.8
184.6
46.6
45.9
47.4
51.1
52.3
53.6
49.6
56.8
70.1
80.5
81.2
41.5
41.5
43.3
46.9
48. 1
49.6
46.0
54.2
67.5
77.4
77.9
3. 1
3.4
4.5
4. 1
4. 1
4.3
4.5
4.5
4.6
3.8
17.7
18.7
21.8
23.3
25.2
26.6
27.2
31.3
37.6
43.5
49. 1
24.5
24.5
25.2
27.9
29.7
34.3
37. 3
42. 1
46.0
50.2
50.4
78.8
83. 8
32. 9
33.8
31.4
32. 5
1.8
1.8
19. 9
21.6
24. 1
26. 7
92. 1
92.2
97.8
106.8
111.3
3. 3
Sources: Treasury Department and Bureau of the Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates, Federal receipts rose more than $25 billion in calendar 1969 and expenditures
increased almost $101/s billion, yielding a surplus of $9% billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
140
120
100
+20
+20
SURPLUS
E&a
k22l
H
m
I! II
VZA
""
%A
DEFICIT
I
-20
I
1963
I
\
\
\
1964
!
1
1965
!
nil n
m
!
1
1
1966
CALENDAR YEARS
M M M j% H H ^
ii i 1
!
1
1967
1
1
I
i i i
1
1968
SOURCE! DEPARTMENT OF COMMERCE
—
-20
1969
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era1 Governrnent expeiaditures
Federal (jovernme nt receipt s
Period
Fiscal year:
1966
1967
1968
1969
Calendar
year:
1966
1967
1968
1969"
1968: III.
IV.
1969: I
II._
III.
IV*
Surplus
or
Subsidies
GrantsPurless
ill -a id
(-),
current
Net
chases Trans- to State
interest surplus income
of goods fer payand
and
local
paid
ments
of Govt. product
and
enter- accounts
services
governprises
111 en ts
Indirect ContriPersonal Corpobusiness bution s
rate
tax
and
for
Total nontax profits tax and
nontax social intax
receipt? accruals
accruals surance
Total
132. 8
147. 3
160. 9
192. 7
57. 6
64. 4
71.3
90. 5
31. 0
31. 1
34. 3
40. 0
15. 7
16. 1
17.2
18. 6
28. 5
35. 8
38. 0
43. 6
131.
154.
172.
186.
9
6
4
7
71.7
85. 3
95. 3
101. 1
34. 2
39. 4
44. 5
50.3
14.8
17.6
18.9
9. 0
9. 9
10. 8
12. 3
4. 5
5. 1
4. 1
4. 1
0. 9
-7. 2
-11.5
6.0
142. 5
151. 1
176. 3
201. 6
181. 4
187. 3
198.6
202. 8
201. 3
61. 7
67. 5
79. 5
95. 6
83. 7
87. 4
93.8
96. 9
95. 0
96. 6
32. 1
30. 6
38. 3
40.4
38.4
39. 8
40. 7
41. 0
39.8
15. 7
16. 3
18. 0
18. 8
18. 3
18. 5
18. 5
18.6
19. 1
18.9
33. 0
36. 7
40. 5
46. 9
40. 9
41. 7
45. 6
46. 4
47. 5
48. 1
142.8
163. 8
181. 5
191.9
184. 2
187. 4
188. 5
189. 3
193. 6
196.2
77.8
90. 7
99. 5
102. 0
100. 9
101. 9
101. 6
100. 6
103. 2
102. 7
35.7
42.2
47.8
52.3
48.7
50. 0
50. 8
52. 1
52. 7
53. 7
14.4
15. 9
18. 3
19. 9
18.4
19. 0
19.0
19.3
19.8
21.4
9.5
10. 3
11. 6
13. 0
11.7
12. 2
12. 5
12.9
13. 1
13. 5
5.4
4. 7
4. 3
4. 6
4. 6
4. 4
4. 6
4.4
4. 6
4. 9
2
-12.7
-5. 2
9.7
-2.8
-. 1
10. 1
13.5
NOTE: Receipts for 1969 reflect repeal of investment tax credit. Data for Alaska
and Hawaii included beginning 1960.
12. 7
7.7
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 Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
page
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13
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15
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27
28
29
30
31
32
33
34
35
36
37
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
* Indicates less than $50 million.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C.20402
2i
Price 25 cents per copy, $3 per year ; $4 foreign. Domestic air mail, $3.60 additional per year.
38
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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 : 1970
@FedFRASER