Full text of Economic Indicators : January 1972
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92d Congress, 2d Session
Economic Indicators
January 1972
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1972
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M, BENTSEN, Jr. (Texas)
JACOB K. JAVTTS (New York)
JACK MILLER (Iowa)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
LOUGHUN F. M C H U G H , Senior Economist
COUNCIL OF ECONOMIC ADVISERS
HERBERT STEIN, Chairman
EZRA SOLOMON
Economic Indicators prepared under supervision of FRANCES M, JAMES
[PUBLIC L A W 1 2 0 — 8 1 S T C O N G R E S S ; C H A P T E R 2 3 7 — 1 S T SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $3,00 per year (foreign, $4.00) from:
SUPERINTENDENT OF DOCUMENTS
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Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $3.60 additional per year.
The 1967 edition of the Historical and Descriptive Supplement to Economic
Indicators, which describes each series and gives annual data for years not
shown in the monthly issues, is available at 70 cents a copy from the Superintendent of Documents, Government Printing Office.
li
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product rose $191/a billion in the fourth quarter to a seasonally adjusted annual rate of $1,073 billion.
For the year 1 9 7 1 , gross national product totaled $1,047 billion, an increase of $723A billion from 1970.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Net receipts
Period
1964
1965
1966
1967
1968
1969_
1970
1971»
438.1
473. 2
511.9
546. 3
591.0
634. 2
687.8
741. 2
10.7
12.0
13.0
13. 9
15. 1
16. 7
17. 9
18. 6
427. 4
461. 3
498. 9
532. 4
575. 9
617. 5
669. 9
722. 6
401.2
432.8
466.3
492. 1
536. 2
579. 6
615. 8
662. 2
26.: 2
1
28. *
32., 5
i
40. <
39. 1
3
37. <
54. 1
1
60. <
174. 1
189. 1
213.3
228. 9
263.5
295. 6
300. 5
320. 8
70.7
78.4
94. 2
1970: I
II___
III...
IV._.
667.6
685,7
696. 2
701.5
17.5
17.8
18.0
18.3
650.
667.
678.
683.
1
9
2
2
604.0
613.8
620.9
624.7
46. 2
54.2
57.4
58.5
1971:1
II.
III
IV »„
772.0
739.6
748.5
754.8
' 18.4
18.6
18.8
18.8
703. 6
721. 0
729. 7
736. 0
644.9
657.4
668.8
677.7
58.6
63.6
61.0
58.4
Surplus
or
deficit
income
and
product
accounts
4a 7
16a 2
108.0
192.7
217. 2
206. 3
212.8
175.4
186.9
212.3
242. 9
270. 3
288. 2
313. 6
341. 1
49. 9
55.5
62. 8
70.7
78. 4
94. 2
108. 0
128.7
137.0
156.8
180. 1
199. 6
209. 7
219. 4
233. 1
-1.4
2.2
1. 1
— 13. 9
-6.8
7 4
— 13 1
— 20. 3
296.6
301.8
301.7
301.9
82.7
97.5
96.8
99.8
213.9
204.3
204,9
202. 1
300.0
314.0
316.9
323.7
82.7
97.5
96.8
99.8
217.3
216.5
220.1
223.7
-3.4
-12.2
-15.2
-21.7
312.3
317.8
322.0
101.4
109. 1
110.3
110.7
210.9
208.7
211.7
329.3
338.7
344. 1
351. 7
101.4
109. 1
110.3
110.7
227.9
229.6
233.8
240.9
-17. 1
-20.9
-22.2
46.7
49.9
55.5
62.8
127.3
139.2
157.9
International
Business
Gross
Total
Statis- national
Net exports of ^
joods
Net
product
tical
Excess of income
and service.3
transfers
Gross
or
discrepor
transfers
Excess to forGross
expendor
eigners
of
retained private
receipts ancy
iture
of net
earn- domestic invest- by perinvestment sons and Exports Less: Equals: exports
ings 3
4
_Net
i
ment
Imports exports <-)•
Government
Period
1964.
1965._
1966
1967.
1968._.
1969...
1970
1971 »_„
1970: I
II..
Expenditures
PerLess: Equals: Personal sonal
Less:
Less:
Interest Total consump- saving
Tax
Trans- Equals: Total
Trans- Equals:
paid and excludand
tion
or
Purfers,
fers,
ing
Total* transfer
expend- disnontax interest, Net
expend- interest, chases
payinterest itures saving receipts and receipts itures
of goods
and
ments
and
or
and
(-)
subsub- 2 services
to fortransaccruals sidies 2
sidies
eigners
fers
76.2
84. 7
91. 3
93. 0
95. 4
95. 6
99. 3
„„„
,--
Ill
IV
1971: I
II
III
IV p
1
112.
'
7
96. 2
99. 1
100. 4
101. 5
/
107. 6
111. 9
113. 0
94. 0
108. 1
121.4
116. 6
126. 0
137.8
135.3
150. 8
-17.8
-23. 4
-30.1
-23.5
-30.6
-42. 1
-36. 0
-38. 1
2.8
2.8
2.8
3.0
2.9
2.9
3. 1
3.4
37.1
39.2
43.4
46.2
50.6
55.6
62.9
65.5
28.6
32.3
38. 1
41.0
48. 1
53. 6
59. 3
64.8
8.5
6.9
5.3
5.2
2.5
2.0
3.6
.7
131.2
134.1
138.6
137. 3
-35.0
-35.0
-38. 2
-35.8
3.0
3.0
3.2
3.3
61. 5
63.2
63.7
63. 2
58.0
59.0
59.7
60.5
3.5
4.2
4.0
2.7
143. 3
152. 9
150. 8
156.5
-35.7
-41.0
-37.8
3. 1
3.4
3.7
66.2
66.5
68.2
61. 2
61.5
66.4
68.2
63.2
4.7
3.5
Personal income (p. 5) less personal tax and nontax payments (fines, penalties, etc.).
* Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government enterprises, and disbursements less wage accruals.
1
Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and private wage accruals less disbursements.
Does not Include retained earnings of unincorporated business, which are included in disposable personal Income.
.1
.0
-2.0
-5.7
633.7
688.0
750. 9
794.6
.4
866.9
.9
933.2
-.4
978.6
2.7 1, 051. 5
963. 2
-. 5
-1.1
974.3
-.7
986.7
.7
990. 1
-4.1
-2.4
-2.2
-1.3
-3. 1
-1. 0
-.7
- 1 . 6 1, 025. 2
3. 3 1, 044. 9
3.7 1, 058. 1
-4. 1
-4. 5
-4.7
-7.3
-5.8
-3.2
-1.6
-4.3
-4.9
-4.7
5.5
-2.7
632.4
084.9
749.9
793.9
864.2
929. 1
974. 1
1, 046. S
956.0
. 968. 5
983.5
988.4
1, 020. &
1, 040. 0
1, 053. 4
1, 073. 0
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
*Net foreign investment less capital grants received by U.S., wltli sign
changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) rose at an annual rate of 7.7 percent in the fourth quarter, according
to preliminary estimates. When adjusted for price changes, the rate was 6.1 percent. For 1971 as a whole, gross
national product increased by Vh percent, real gross national product by 2 % percent, and prices by AV% percent.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED A N N U A L RATES
1,000
1,000
900
900
800
800
700
700
PERSONAL CONSUMPTION
EXPENDITURES
600
600
500
500
400
400
- GOVERNMENT PURCHASES OF GOODS AND SERVICES
\
200
' • ' " • " ' •••»
100
«...•••••"•"
I
,.!•••••«.,„„.«••••"•••••
NET EXPORTS OF GOODS
AND SERVICES
J
L
J
1965
L
1966
J
L _L
1967
200
100
GROSS PRIVATE DOMESTIC
INVESTMENT
J
L
1968
J
SOURCE* DEPARTMENT OF COMMERCE
Period
19G1
1962
19G3
19G4
1965
1966.
1967
1968
1969
1970
1971"
1970:1...
II...
III..
IV..
1971: I . . .
II..
III.
IV*
1970
L
1971
COUNCIL OF ECONOMIC ADVISERS
Government purchases of goods and
Total
Personal Gross
Net
services
gross
Total
conprivate exports
national gross
sump- domestic of goods
Federal
State
product national
tion
investand
Total
National Other and
in 1958 product expend- ment services |
Total defense1
local
dollars
itures
Billions of dollars; quarterly data at seasonally adjusted annual rates
5.6 107.6
520. 1 335.2
71.7
50.2
47.8
9.6
57.4
5. 1 117. 1 63. 4
529.
560,3
355. 1
83, 0
51. 6 11.8
53.7
5.9 122.5
651.
590.5
375.0
87. 1
50. 8 13.5
58.2
64. 2
8.5 128.7
681.
632.4
401.2
94.0
50.0 15.2
63,5
65.2
6.9 137.0
617.
684, 9 432.8
108.1
50. 1 16.8
70.1
66.9
5.3 156.8
658.
749.9
466. 3 121.4
60.7 17. 1 79.0
77. 8
5.2 180. 1 90.7
676.
793.9
492, 1
116.6
72. 4 1&4
89. 4
2.5 199,6
706.
864.2
536. 2 126.0
78.3 20. 5 100.8
98.8
2.0 209. 7 99. 2
721
929, 1 579. 6 137.8
78.4 20.7 110. 6
3.6 219.4
720.
974. 1 615. 8 135. 3
75.4 21.9 122. 2
97.2
. 7 233.1
739. 1, 046. 8 662.2
150.8
71.4 26. 2 135.4
97,6
719.
956.0
131, 2
604.0
3.5 217,3 100.2
78.9 21.3 117. 1
721.
968. 5 613. 8 134. 1
4.2 216, 5 96.8
75. 1 21.6 119.7
723. j 983. 5 620.9
138.6
4.0 220. 1 96, 1
74. 2 21.9 124.0
715. j 988.4
137.3
624.7
2.7 223.7
95.9
73.2 22.7 127.9
729. 1, 020. 8 644. 9 143.3
4. 7 227.9
96.4
72.6 23.7 131.6
735. 1, 040. 0 657.4
152.9
. 1 229.6
96.0
71.4 24. 6 133.6
740. 1, 053. 4 668.8
150,8
. 0 233.8
97.6
70.2 27,4 136.2
751. 1, 073. 0 677.7
156.5
-2.0 240. 9 100.6
71.5 29.2 3.40. 3
» This category corresponds closely with budget outlays for national defense,
shown on p. 36.
.
* \9?oss , n a U o n a l product In current dollars divided by gross national product
In 1958 dollars.
J
L
1969
Source: Department of Commerce.
Implicit
price
deflator
for total
GNP,
1958= 100*
104. 62
105. 78
107. 17
108. 85
110. 86
113. 94
117. 59
122. 30
128. 21
135. 29
141. 56
132. 82
134.32
135. 97
138. 07
139. 88
141. 34
142. 21
142. 74
NATIONAL INCOME
Compensation of employees rose about $11 billion (seasonally adjusted annual rate) in the fourth quarter after a
rise of $7 1 /2 billion in the third.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
flftO
800
^
TOTAL NATIONAL INCOME
700
700
And
$00
COMPENSATION OF EMPLOYEES
crtn
500
-
400
400
—•*"••***
CORPORATE PRO
=ITS A N D
INVENTORY VALUATIOr^ ADJUSTMENT
PROPRIETORS' A
RENTAL INCO/WE
i
——
\
i
100"
100
NET INTEREST
-
n
t
1965
1
1966
1
1
!
1967
1
1
1
1
1
1968
t
1969
1
1
1
1970
1
1
1
1
1971
SOURCE i DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of clollars; quarterly data at seasonally adjusted annual rates J
Total
national
income
Period
Compenof employees l
Business
and professional
Rental
income
of
persons
Proprietors' income
Farm 2
Net
interest
Corporate profits and inventory valuation adjustment
Total
Profits
before
taxes
Inventory
valuation
adjustment
1961_
1962
1963
1964__
1965
19f>6
1967
1968..
1969
1970___
1971 P
427. 3
457. 7
481. 9
518. 1
564. 3
620. 6
653. 6
711. 1
763. 7
795. 9
850.8
302. 6
323. 6
341. 0
365.7
393.8
435. 5
467. 2
514. 6
565. 5
601. 9
641.8
12.8
13. 0
13. 1
12.1
14. S
16. 1
14. 8
14. 7
16.8
15.8
16.3
35. 6
37. 1
37. 9
40.2
42.4
45. 2
47.3
49. 5
50.3
51. 0
52. 1
16. 0
16.7
17. 1
18.0
19.0
20.0
21. 1
21. 2
22.6
23.3
24. 3
10. 0
11. 6
13. 8
15.8
18.2
21.4
24.4
26.9
29.9
33.0
35. 6
50. 3
55. 7
58. 9
66.3
76.1
82.4
78.7
84.3
78. 6
70.8
80. 7
50. 3
55. 4
59. 4
66.8
77.8
84.2
79.8
87.6
84. 2
75. 4
85.2
-0. 1
.3
-.5
-.5
-1.7
-1.8
-1. 1
-3.3
»5.5
-4.5
-4.4
1970: I .
II
Ill
IV
785.
793.
802.
802.
593.
598.
606.
609.
2
5
5
3
17.8
16.6
14.5
14.4
50. 2
51.0
51.4
51. 5
23. 0
23. 2
23.4
23.7
31. 8
32. 6
33.4
34. 2
69.8
71.5
73.0
69.0
75.6
75.8
78.5
71.6
-5. S
-4.2
-5.5
-2.6
627.3
638. 0
645.6
656. 5
14.8
15. 2
17.0
18. 1
51.6
51.9
52.3
52.5
23.8
24.2
24.5
24.6
34. 8
35.4
35.9
36. 4
79. 5
82.5
80.0
83.0
86.9
85.8
1971: I
II
III
IV*
_
8
4
2
1
831. 7
847. 3
855. 2
1
Includes employer contributions for social insurance. (See also p. 4.)
* Excludes farm profits of corporations engaged in farming and therefore differs
from net farm Income (including net inventory change) on p. 6 which includes
such profits.
Source: Department of Commerce.
-3.5
•-44
-5.8
-4.0
SOURCES OF PERSONAL INCOME
Personal income rose $9 billion in December to a seasonally adjusted annual rate of $883% billion. A l l major
industry groups shared in the $9% billion increase in wage and salary disbursements.
BILLIONS OF DOLLARS
I 900
BILLIONS OF DOLLARS
900 I
SEASONALLY ADJUSTED ANNUAL RATES
800
800
TOTAL PERSONAL INCOME
700
700
600
<500
WAGE AND SALARY DISBURSEMENTS
500
500
- - * • —
400
400
300
300
OTHER INCOME
200
200
..,....»«•••••«"•"
TRANSFER PAYMENTS
100
1965
1966
1967
1968
100
1969
1970
SOURCE. DIPAKTMENT OF COMMERCE
Period
1963
1964
_
1965
1966
19671968
1969
1970
1971»_
1970: Nov.
Dec
1971: Jan..
Feb..
Mar.
Apr
May
June
July.
Aug..
Sept,
Oct..
Dec *.._
1
Total
personal
income
4Q>5. 5
497. 5
538.9
587.2
629. 3
688.9
750. 3
803. 6
857.0
815. 7
820.9
829. 9
832.4
838. 3
843.0
848.6
868, 6
857, 7
866. 1
869, 9
871. 2
874.9
883.8
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; monthly data at seasonally adjusted
Wage
Other Proprietors' income Rental
and
Divilabor
salary
Business income dends
of
disburse- income 2 Farm and proments
fessional persons
14.9
311. 1
37. 9
17.1
16.5
ia i
16,6
333. 7
40. 2
18. 0
17.8
12. 1
18.7
358.9
42.4
19.0
19.8
14. S
20.7
394.5
45. 2
20,8
20, 0
16. 1
22. 3
423. 1
47.3
21. 4
21. 1
14. 8
25.4
464. 9
49. 5
23.6
21. 2
14.7
28. 2
509. 6
50.3
24.4
22.6
16.8
30.8
541.4
51.0
25.0
23. 3
15.8
33. 7
574. 2
52. 1
25. 5
24, 3
16.3
545.9
14.5
32.0
51.4
23. 7
25. 5
551.5
51. 5
32.2
23.9
23.8
14. 6
558.7
32.4
51. 6
14 7
23.9
25. 6
560.6
51.5
32,6
14.8
23.5
25. 7
564.8
51,7
14 9
32.8
24.0
25. 5
567.7
51.8
15. 1
33. 1
24. 1
25. 5
572.0
33.4
15. 2
51. 9
24.2
25.6
573.2
15.3
33.7
52. 1
24.3
25. 2
572.9
16. 1
33.9
52,2
24.4
25. 6
579.2
17,0
52, 3
34. 1
24 5
25. 7
579.8
17,8
52. 3
34.3
24 5
25.7
581. 3
18.0
52.4
34, 4
24.5
25. 7
584.8
18. 1
52.5
34. 6
24 6
25.7
594. 6
18. 1
52, 6
34.8
24 6
24.3
Compensation of employees (see p. 3) excluding employer contributions for
social Insurance and wage accruals less disbursements.
* Employer contributions to private pension, health, and welfare funds: compensation for Injuries; directors' fees; military reserve pay; and a few other minor
Items.
1971
annual rates]
Less: PerPersona Transfer sonal con- Nonagri*
interest
paytributions cultural
income ments for social personal
insurance
31.4
35. 3
11.8
448. 1
34 9
36.7
12. 5
480.9
38. 7
39.9
13.4
519.5
43.6
44 1
17.7
566.3
4a 0
51.8
20,5
609.4
52.9
59.6
22.8
668.8
58.8
65.9
26. 3
727.7
64 7
79. 6
28.0
781.4
94 7
31. 2
67. 5
834 0
66. 7
84 5
28. 3
795.0
66. 8
85. 1
28. 6
800.5
66.7
86.8
30.5
808.6
66. 6
87.8
30. 7
810.8
66. 4
89. 1
30.9
816.6
G6. 6
89.8
30.9
821. 1
66.7
90.5
31.0
826.5
66. 9
109. 0
31. 1
846.5
87. 4
96. 2
31. 1
834 8
68. 1
96. 5
31.4
842.4
68. 8
97. 9
31.4
845.3
68.7
97.4
31.4
846.4
68.0
97.6
31. 6
850.1
68.5
98,2
32.0
859.0
3
Personal income exclusive of net income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
The savinq rate declined in the fourth quarter, in large part because acceleration of estate and gift tax payments
temporarily held down disposable personable income.
BILLIONS OF.DOLLARS
' BILLIONS OF DOLLARS
700
DISPOSABLE PERSONAL INCOME
2,500
2,500
2,000
2,000
1965
1970
1966
1971
COUNCIt OF ECONOMIC ADVISERS
SOURCE DEPAKTMENT OF COMMERCE
Period
Less:
Personal
Personal tax and
income nontax
payments
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
income
Equals:
Disexpenditures 2
Personal
posable Total
saving Current
1958
personal personal Durable Nondollars dollars
income . outlays l goods durable Services
goods
Dollars
Billions of dollars
1963
465. 5
60. 9
1964.
497. 5 59. 4
1965.
„ 538.9
65.7
1966
587. 2 75.4
1967._
629. 3
83. 0
1968. _. esa 9
97. 9
1969._,
750. 3 116. 2
1970
803. 6 115. 9
1971*
857.0 115.8
404. 6
438. 1
473. 2
511. 9
546.3
591. 0
634.2
687. 8
741. 2
384. 7
411. U
444.8
479. 3
506. 0
551. 2
596. 3
633. 7
680. 8
53. 9
59.2
66.3
70.8
73. 1
84.0
89. 9
88.6
100.4
Saving
as percent of Populadistion
posable (thou-3
personal sands)
income
(percent)
168. 6
178. 7
191.1
206.9
215. 0
230.8
247. 6
264.7
278.8
152.4
163.3
175.5
188. 6
204. 0
221. 3
242. 1
262. 5
283.0
19. 9
26.2
28.4
32. 5
40.4
39.8
37.9
54. 1
60.4
2,139
2,284
2,436
2,605
2,751
2,946
3,130
3,358
3,581
2,016
2,126
2,239
2,336
2,404
2, 4872, 535
2,595
2,660
4. 9
6.0
6.9
7.9
(>. 0
6.4
7. 4
6. 7
6.0
7.9
8. 1
189, 197
191, 833
194, 237
196, 485
198, 629
200, 619
202, 599
204, 800
207, 006
Seasonally adjusted annual rates
1970: I___ 784 3
I I - 803.8
III. 809.8
r
816.7
116.7
118.0
113. 5
115. 2
667. 6
685.7
696. 2
701.5
621.5
631.5
63a 9
643. 0
88.6
90.7
90.4
84.9
259. 4
262. 9
265. 5
270.9
256. 1
260.2
265. 0
268.9
46.2
54.2
57.4
58.5
3,272
3,353
3,395
3,410
2,570
2,606
2,613
2,588
1971: I „ 833.5
853.4
I I I . 864. 6
IV»_ 876.6
111. 6
113.8
116. 0
121.8
722.0
739. 6
748.5
754.8
663. 3
676.0
687.6
696.5
96.6
99. 1
102.8
103.2
273.2
277.8
280. 2
283.9
275.0
280.5
285.8
290.6
58.6
63.6
61.0
58.4
3,500
3,577
3,611
3,632
2,631
2,663
2,669
2,675
rv __
1
Includes personal consumption expenditures, interest paid by consumers,
•nd personal transfer payments to foreigners.
3
See p. 2 for total personal consumption expenditures.
a2
8.3
8. 1
8.6
8. 1
7.7
204,
204,
205,
205,
012
526
107
729
206, 259
206, 760
207, 276
207, 824
a Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Net farm income excluding and including inventory change (seasonally adjusted) increased about 6 percent in the
fourth quarter.
^
^
_
_
_
_
_
«
_
_
_
^
BILLIONS OF DOLLARS
70
70
SEASONALLY ADJUSTED A N N U A L RATES
<0
5
60
REALIZED GROSS
FARM INCOME
1
•
-
- ~
50
50
^
/
—
40
40
30
30
tM T FARM INCOME
E
INCHJDING NET INVENKDRY
CHANGE
^
\
*
20
^
10
10
'
1
1
!
1965
1
1966
1
1
1
1967
1
1
1
1968
1
f
I
!
1
1
Personal income received by
total farm population
- - .
1970: I
II
III.
IV..
From
all
sources
20.6
20.6
23.6
24.9
24.0
25. 1
27.7
27.5
28.0
From
From
farm
nonfarm
sources sources
Net to farm
operators
12.1
11.3
13.5
14,4
13. 1
13, 2
14. 9
14.2
14.5
8.5
9.3
10.0
10.5
10.9
11.9
12. 8
13. 3
13.5
II-
III
IV*
1
Cash receipts from marketings. Government payments, and nonmoney Income furnished by farms.
1
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2. p. 3.
' Based on Census of Agriculture definition of a farm. The number of farms is
held constant within a year.
Net income per
farm including net
inventory change3
ProducCa&h tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total 1
ventory ventory dollars dollars4
2
marketchange change
ings
Billions of dollars
Dollars
13.2
42.3
12.6
3,708
37.4
29.7
4,030
12.3
42.6
13.1
3,564
37.2
29.5
3,832
15.0
44.9
30.9
14.0
4,487
39.3
4t 723
16.3
49. 7
33.4
16.3
5,019
43.3
5, 121
34. 8
14.9
49. 0
14. 2
4,730
42.7
4,730
36.2
14. 8
50. 9
14.7
4,854
44. 1
4, 667
38.7
16.9
55.5
16.8
5,685
48. 1
5,216
40.9
15.9
56. 6
15.7
5,451
49. 2
4,782
42. 9
16. 3
58. 6
15.7
5,676
51. 6
4,770
Seasonally adjusted annual rates
57. 9
40.2
50. 5
17. 7
17.9
6, 120
5,460
57. 1
49.7
40.7
16. 4
16. 6
5, 680
5,030
55.7
14.5
48.4
41.2
14, 6
4,990
4,380
55.6
48. 3
14. 2
14.5
4, 960
41. 4
4, 310
1971: I _ , .
6
!
Income received from farming
Realized gross
1963
1964
1965
I960
1967
1968
1969
1970
1971*
1
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF AG«ICUtTUR£
Period
I
1
1970
1969
56.8
57. 6
59. 3
60. 9
49.7
50.6
52.3
53. S
42. 2
42.8
43. 0
43.6
14.6
14.8
16. 3
17.3
14. 9
15. 3
17, 1
18.2
5, 180
5,320
5,950
6,330
4,430
4,510
4,960
5,280
* Income in current dollars divided by the index of prices paid by farmers for
family living items on a 1967 base.
Source: Department of Agriculture.
CORPORATE PROFITS
According to preliminary estimates, corporate profits before taxes rose 13 percent in 1 9 7 1 . Profits after taxes were
up 15 percent.
BILLIONS Or DOLLARS
BILLIONS OF DOLLARS
40
20
20
1971
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits
after taxes
Period
1963
1964.
1965
1966..
1967
1968
1969.
1970. _
1971*
Corporate profits (before taxes) and inventory
valuation adjustment
TransCorpo- CorpoManufacturing
portation,
rate
rate
comtax
profits
NonAll
All
Durable durable munibefore liabilindusgoods
ity
goods cations, other * taxes
Total
tries
indusand
industries
public
tries
utilities
59.4
13.0
26. 3
28.8
20.6
15.8
9.5
58.9
66.8
14.9
28.3
32.7
23.5
17.8
10.1
66.3
77.8
16.6
31. 3
39.3
25.6
22.8
11. 1
76. 1
84.2
18.6
34.3
42.6
27.9
24. 0
11. 9
82.4
79.8
18.0
33.2
38.7
29. 1
20.7
10.8
78.7
87.6
19. 3
39.9
41.7
32.0
22. 4
10. 6
84. 3
84.2
17. 5
39.7
36. 0
32.7
18.4
10.0
78.6
75. 4
16.6
34. 1
29.5
33. 3
13. 0
8.0
70. 8
85.2
17.9
37. 7
34. 1
38. 2
16. 2
8.4
SO. 7
1970: I___
II—
III_.
IV__
1971: I . . .
II—
III..
IV*.
1
2
8
Profits
plus
capital
consumption
allowances 3
33. 1
38.4
46. 5
49.9
46.6
47.8
44. 5
41.2
47. 4
16.5
17.8
19.8
20.8
21.4
23.6
24.4
25. 0
25. 5
16.6
20.6
26.7
29. 1
25. 3
24.2
20. 0
16.2
21.9
31. 8
33.9
36.4
39.5
43. 0
46. 8
51. 3
56.2
61.9
64.8
72.3
82.9
89.5
89.6
94.6
95.8
97.4
109.3
69. 8
71. 5
73.0
69.0
31.1
31.5
30.6
25.0
14.3
14.9
13.8
8.8
16.7
16.5
16.8
16. 2
8.2
7.8
7.9
8. 1
30.5
32.2
34.5
35. 9
75. 6
75. 8
78.5
71.6
34. 1
34.5
35.6
32.3
41. 5
41.3
42.9
39.2
25.0
24.9
25.2
25.0
16. 6
16.4
17.7
14.3
54,4
55.7
56.7
58. 0
95.9
96.9
99. 6
97. 2
79.5
82. 5
80.0
34.4
35.0
33.0
17.2
17.0
14.8
17.2
18. 1
18. 1
8.4
8.5
8.5
36. 7
39.0
38.6
83.0
86.9
85.8
38.3
39. 1
37.5
44.8
47.8
48.2
25.6
25.4
25. 7
25.3
19. 2
22. 4
22.5
59.4
61.0
62.7
64.4
104.2
108. 7
110.9
Includes all other industries and financial institutions.
Includes depreciation and accidental damages.
Corporate profits after taxes plus corporate capital consumption allowances.
72-415°—72-
Total
Corporate
capital
conUn~
Dividend distrib- sumption
uted
payments profits allowances ?
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment (seasonally adjusted) rose sharply in the fourth quarter as fixed investment
and inventory investment turned positive after a decrease in the third quarter.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
SEASONAUY ADJUSTED ANNUAL RATES
140
140
"GROSS PRIVATE DOMESTIC"
INVESTMENT
120
120
100
too
80
80
PRODUCERS'
DURABLE EQUIPMENT
60
60
RESIDENTIAL STRUCTURES
40
CHANGE IN BUSINESS
INVENTORIES
20
1965
1966
1968
1967
1969
1970
DEPARTMENT OF COMMERCE
1971
COUNCIL OF ECONOMIC ADVISERS
fBillions of dollars; quarterly data at seasonally adjusted annual rates I
Fixed investment
Period
Total
gross
private
domestic
investment
Total
Structures
Total
Total
1961
1962
1903
1964
19G5
1966
1967
1968
1969
1970
1971*_
1970:
IIIII.
IV.
1971: I . . .
IIIII.
IV *
71.7
83.0
87. 1
94. 0
108,1
121.4
116.0
126. 0
137,8
135. t\
150. 8
131.2
134. 1
138. 0
137. 3
143. 3
152. 9
150, 8
156.5
Source: Department of Commerce.
8
Residential
structures
N onresidential
69.7
77.0
81.3
88.2
98. 5
106.6
108.4
118.9
130.4
132. 5
148. 7
130. 8
132. 1
133.5
133.6
140.2
148. 3
152.0
154, 6
47.0
51.7
54,3
61. 1
71.3
81. 6
83.3
88.8
98,6
102. 1
108. 2
100.8
102. 1
104. 8
100. 8
104.7
108.3
109. 3
110. 4
18.4
19.2
19.5
21.2
25.5
28.5
28. 0
30. 3
34.5
36.8
38. 1
36. 1
36. 6
37.3
37.1
36.7
38.5
38. 7
38,6
Nonfarm
17.7
18.5
18.8
20.5
24. 9
27.8
27.3
29.6
33. 7
35.9
37.2
35.3
35. 7
36. 5
36. 3
35.8
37.6
37.7
37.0
Producers' durable equipment
Total
Total
2a 6
32.5
34.8
39. 9
45. 8
53. 1
55.3
58.5
64. 1
65.4
70. 1
64.7
G5. 6
67. 5
63.7
68. 1
69. 8
70. 6
71.8
Nonfarm
25.8
29.4
31.2
36.3
41.6
4a 4
50.0
53.6
59.2
60, 0
62. 6
59.7
60. 6
61.6
58. 1
61.0
62.4
62. 7
64.4
22.6
25.3
27.0
27.1
27. 2
25.0
25. 1
30. 1
31. 8
30.4
40, 6
30.0
29.9
28.7
32. 8
35,4
40. 0
42. 7
44. 2
Nonfarm
22.0
24,8
26.4
26.6
26.7
24,5
24. 5
29. 5
31. 2
29. 7
40. 1
29.4
29. 3
28. 1
32.2
35.0
39.5
42. 1
43.6
Change in business inventories
Total
2,0
6. 0
5.9
5.8
9.6
14 8
8.2
7. 1
7.4
2.8
2. 1
.4
2. 1
5. 1
3.7
3. 1
4. 6
-1.2
1.9
Nonfarm
1.7
5.3
5.1
6,4
S.6
15.0
7.5
6.9
7.3
2.5
1.5
.1
1.8
4.7
3.3
29
41
-2.0
1.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Businessmen have projected a 9 percent rise in plant and equipment expenditures this year according to a survey
conducted in November and December.
BILLIONS OF DOLLARS
1001
BILLIONS OF DOLLARS
'
1100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
TOTAL NEW PLANT AND EQUIPMENT
60
NONMANUFACTURING
„....»*•"*
'"••.....I.I""***
40
1
MANUFACTURING
20
20
J
1967
1966
-1/
I
1969
1968
1971
1970
i
1972
•v
J / S E E FOOTNOTE 3 BELOW.
COUNCri OF ECONOMIC ADVISERS
SOURCES* SECURFDES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Transportation
Manufacturing
Total
Period
1
1.02
1.22
1.74
2. 29
2.56
2. 51
3.03
1.87
2.50
1.65
1. 58
1.50
1. 68
1.64
1.48
1.59
1. 68
1. 23
1.37
1. 43
4.90
4. 98
5.49
6. 13
7.43
8.74
10.20
11.61
13. 14
15.20
17.58
3.85
4.06
4.61
5.30
6. 02
6.34
6.83
8.30
10. 10
10.89
1.96
1.56
3. 24
3.08
1.22
1.22
13.84
13.68
10.62
10.20
17.00
15.97
2. 04
2. 08
2.23
2.18
1.46
1.88
1.72
1.64
1. 29
2.28
1.68
2.20
1.33
1.40
1.48
1.30
14.64
14.91
15.87
15. 37
10.70
11.21
10.73
17.39
17.72
17.85
2.09
2. 12
2. 18
1.60
16. 32
Nondurable
goods
15.06
16. 22
19. 34
23.44
28. 20
28.51
28. 37
31. 68
31. 95
30. 21
31. 42
6.79
7. 53
9.28
11.50
14.06
14. 06
14. 12
15. 96
15. 80
14.29
15. 02
8.26
8.70
10.07
11. 94
14. 14
14.45
14.25
15.72
16. 15
15.92
16.40
1.40
1.27
1.34
1.46
1.62
1.65
1.63
1. 86
1.89
2. 13
2.37
1.02
1.26
1.66
1.99
2.37
1.86
1.45
1. 86
1.78
1.67
1.88
0. 52
_
38. 39
40. 77
46. 97
54.42
63. 51
65.47
67. 76
75.56
79. 71
81.47
88. 90
„
81. 88
78. 63
32. 15
30.98
15.74
14.92
16.40
16. 05
1.86
1.94
79. 32
81. 61
80.75
84. 02
30.46
30. 12
29. 19
31. 12
14. 21
14.06
13.76
15. 11
16. 25
16.06
15.43
16. 01
87. 14
88.47
31.26
31. 18
15.94
15.31
15. 12
16.06
_
1971
1972 3
1970: III
IV
1971: I
II
III
1972: i s
113
1
Excludes agricultural business; real estate operators; medical, Jerol. educational* and cultural service; and nonprofit organizations.
* Includes trade, service, construction, finance, and insurance.
•Estimates based on expected capital expenditures as reported by business
in October-December 1971. Includes adjustments when necessary for systematic
tendencies in expectations data.
NOTE.—Annual total is tbe sum of unadjusted expenditures; it does not
Commercial
and
other 2
Other
Durable
goods
Mining
Tota,
1962
1963_.
1964
1965
1966
1967.
1968
1969
1970 3
Communication
Public
utilities
Railroad
Air
.40
9.99
10.99
12.02
13.19
14.48
14.59
15.14
16.05
16. 59
18.11
31 . 7 3
30 . 20
31 . 5 7
57.28
necessarily coincide with the averago 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
Total employment rose by 78,000 (seasonally adjusted) in December to a record 80.1 million, but the civilian labor
force rose even more and unemployment edged up b y 32,000.
'
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
90
90
SEASONALLY ADJUSTED
85
CIVILIAN LABOR FORCE
85
80
80
75
75
70
70
65
65
:
to
5
0
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED
*ATE
UNEMPLOYMENT 1
8
4
-•
TTT"1
o
1965
1
Hn
mr
\
1967r
196*
968
1
Period
Total
labor
force
(including
Armed
Forces)
1967...
196S__.
1969...
1970.,.
1971...
80, 793
82, 272
84, 239
85, 903
86, 929
1970:
Nov.
Dec.
1971:
Jan~
Feb_
Mar,
Apr_,
May.
June
July.
Aug.
Sept.
Oct.,
Nov.
Dec.
COUNCIL OF ECONOMIC ADVISERS
Unemployment
Labor
Total
Civilian employment
force
rate (percent of
labor
civilian labor particiforce
UnemUnemCivilian
NonNonpation
force)
(includ- labor
ployAgriployagriagriing
Total
ment
force
culTotal
ment
Season- rate,
culculUnad- ally ad- unadArmed
tural
tural
tural
justed justed justed l
Forces)
Thousands of persons 16 years of age and over
Percent
74, 372 70, 527 2,975 80, 793 77, 347 | 74, 372 3,844 70, 527 2,975
60.6
3.8
75, 920 72,103 2,817 82, 272 78, 737 75, 920 3,817 72, 103 2,817
60.7
3.6
84, 239 80, 733 77, 902 3,606 74, 296 2,831
77, 902 74, 296 2,831
61,1
3.5
4,088 85, 903 82, 715 78, 627 3,462 75, 165 4,088
78, 627 75, 165
61.3
4.9
79, 120 75, 732 4,993 86, 929 84, 113 79, 120 3,387 75, 732 4,993
61.0
5. 9
Unadjusted
Seasonally adjusted
Civilian employment
86, 386
86, 165
78, 741
78, 515
75, 515
75, 563
4,607
4,637
85, 628
85, 653
85, 598
85, 780
85, 954
87, 784
88, 808
88, 453
86, 884
87, 352
87, 715
87,541
77, 238
77, 262
77, 493
78; 204
78, 709
79, 478
80, 681
80, 618
79, 295
80, 065
80, 204
80, 188
74,
74,
74,
74,
75,
75,
76,
76t
75,
76,
76,
77t
5,414
5,442
5,175
4,694
4,394
5, 490
5,330
5,061
4,840
4,570
4,815
4,695
361
415
452
699
111
559
710
853
851
595
942
240
86, 456
86, 498
83, 417 78, 648
83, 485 78, 427
86', 705 83, 729 78, 718
86, 312 83, 362 78, 475
86, 385 83, 455 78, 446
86, 670 83, 788 78, 732
86, 836 83, 986 78, 830
86, 217 83, 401 78, 600
86, 728 83, 931 79, 014
87, 088 84, 313 79, 199
87, 240 84, 491 79, 451
87, 467 84, 750 79, 832
87, 811 86,116 80, 020
87, 883 86, 226 80, 098
1
Total labor force as percent of noninstitutional population.
NOTE—Seasonally adjusted data have been revised and do not agree with those
published beginning February 1971. They are subject to correction when tho
official annual revision is published,
10
197
1970
1969
•16 YEARS OF AGE AND OVER.
SOURCE. DEPARTMEKT OF IA6O*
1
3,379
3,395
76, 169 4,869
75, 032 6,058
5. 5
5.6
6.8
6.1
61.2
61.0
3,406
3,285
3,387
3,540
3,412
3,301
3,374
3,407
3,363
3,416
3,419
3,400
75, 312
75, 190
75, 059
76,192
75, 418
75, 299
75, 640
75, 792
76, 088
76, 416
76, 601
76. 698
6.6
6,6
6.3
5.7
5.3
6.5
6.2
5. 9
5.8
5.4
5.7
5. 5
6.0
5.9
6.0
6.0
6.1
5.8
5. 9
6. 1
6.0
5. 8
6.0
6.0
60,5
60.5
60.3
60.4
60.4
61. 6
62.2
61.9
60.7
60.9
61.1
60.9
Source; Department of Labor.
5,011
4,887
6,009
5,056
5,156
4,801
4,917
6}U4
5,040
4,918
5,095
5, 127
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
The overall unemployment rale was 6.0 percent (seasonally adjusted) in December, unchanged from the November
rate. The unemployment rate has stayed near 6 percent since late 1970.
PERCENT
10
PERCENT
110
SEASONALLY ADJUSTED
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE A N D SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1970
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
Unemployment rate
(percent of civilian labor
force in group)
Period
Experi- Married Labor
force
enced
time lost1 Over 40
All
wage and men
hours
(wife
workers salary
workers present)
1967.
1968_
1969.
1970.
1971.
3.8
3.6
3.5
4.9
5.9
1970: Nov_
Dec.
1971: Jan_.
Feb_
5.8
6. 1
6.0
5.9
6.0
6.0
6.1
5.8
5.9
6. 1
6.0
5. 8
6.0
6. 0
Apr__
May..
JuneJuly.
Aug__
SeptOct..
Nov..
Dec.
1
Percent
1.8
3.6
1.6
3.4
1.5
3.3
2.6
4.8
3.2
5.7
Seasonally adjusted
5. 7
6. 1
5. 8
0. 6
5. 8
5. 7
5. 8
5. 4
5. 6
5. 7
5. 5
5. 4
5. 8
5. 9
3.
3.
3.
3.
3.
3.
3.
3.
3.
3.
3.
2
4
3
2
2
1
3
1
1
2
3
3. 0
3. 4
3. 3
4.2
4.0
3.9
5.4
6.4
20, 920
20, 600
20, 608
18, 925
19, 095
6.4
6.4
6.4
6.3
6. 5
6.4
6. 8
5.Q
6.3
6.5
6.3
6.5
6.5
6.4
18, 647
20, 233
19, 070
18, 463
19, 448
18, 207
19, 505
19, 069
17, 805
17, 949
19, 964
19, 169
20, 249
20, 239
Man-hours lost by the unemployed and persons on part-time for economic
reasons as a percent of potentially available labor force man-hours.
* 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.
'Includes persons who worked part-time because of slack work, material
shortages or repairs, new job started, or job terminated.
1971
Persons at work in nonagricultural 2
industries
by hours worked per week
Under 35 hours
Part-time for
Part-time for
economic reasons economic reasons
35-40
hours
Total Usually Usually Usually Usually
partfullpartfulltime 4
time 3
time 4
time 1
Thousands of persons 16 years of age and over
32, 616 13, 290 1,060
853
32, 658 14, 785
895
820
34, 201 15, 210
955
855
33, 537 18, 222 1,201
995
35, 752 16, 298 1,184
1,256
Seasonally
Unadjusted
31, 704 21, 993 1,250
1, 103
1, 249 |
36, 249 16, 433 1,309
1,020
1, 382 i
35, 687 16, 576 1,442
973
1, 377 I
33, 881 18, 966 1,267
1,123
1, 227
35, 830 16, 267 1,284
1,093
1, 242
35, 767 16, 650 1,242
988
1, 309
1,102
1,081
36, 540 16, 041
1, 219
36, 723 14, 646 1, 142 1,515
990
1,939
34, 528 13, 898 1,094
1, 134
1,752
35, 307 13, 329
1,262
1, 173
1,094
1,126
36, 888 15, 081
1,056 I
1,166
32, 957 21, 039
1,080
1, 161
37, 495 16, 294 5 1,120 5 1, 191
1, 250
1, 153
37, 428 16, 799
1, 045
1, 103
« Primarily includes persons who could find only part-time work.
* Average hours worked: usually full-time, 23.4; usually part-time,17.9.
17.
* See note, p. 10.
Source: Department of Labor.
adjusted
1, 164
1, 151
1, 107
1, 231
1, 214
1, 185
1, 285
1, 186
1, 316
1, 296
1,204
1, 346
1, 366
1, 301
11
UNEMPLOYMENT INSURANCE PROGRAMS
In December/insured unemployment under State programs averaged 147#000 lower than a year earlier. The seasonally
adjusted insured unemployment rate dropped from 4.2 percent in November to 3,8 percent in December.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
1969
1968
0 I > t I t 1 I f 1 I I I I I I I I I t 1 I f I I I 1 I \ \ 1 I t I I \ I t I I I ( I ( I I \ I I I
OCT.
SEPT,
NOV.
APRIL
MAY
JUNE
JULY
MAR.
JAN.
FEB.
Aua
SOUtCti
COUNCIL OF ECONOMIC ADVISERS
DEWUTMINT O F . U B C *
Period
1968..
1969
1970
1971 *
1970: Nov
Dec
1971: Jan*
Feb*
Mar *
Apr »
iVlay *_.._
June v
July *
Aug v
Sept *._._
Oct v
Nov *____
Dec
Week ended:
1971: Dec 1 1 . .
18..
1972: Jan 2 5 . .
1™
8»..
15'.,
22 9 t
Not charted.
Source; Department of Labor.
1
12
_LJ_
DEC
All programs
Insured Total
unem- benefits Insured
paid
Covered ployunem(milemploy- ment
ploy(weekly
Lions
ment
ment
averof dolage)
lars)
Initial
claims
State programs
Insured unemBenefits paid
ployment as perTotal Average
Exhaus- cent of covered
employment
tions
(milweekly
lions of check
Unad- Season- dollars) (dollars)
justed ally adjusted
Thousands
Weekly average, thousands
57, 976
1, 187 2, 191. 0
1,111
201
16
59, 999
1, 177 2, 298. 6
1,101
16
200
59, 528
2,070 |4, 170. 1 1,805
25
296
2,313 4, 963. 3
2,176
37
301
r
334
2,233
372.1
5S, 715
2,017
30
»59, 219
2,632
2,369
399
33
501, 4
3, 194 568. 1
2,799
427
39
3,216
2,751
321
599.3
39
3,091
2,577
275
683,6
41
2,756
2,283
257
586.0
44
2,443
2,001
238
470.8
42
2,332
1,893
250
494.8
43
2,431
1,993
342
452. 1
35
2,349
1,912
282
468.9
35
2,174
1,739
236
425.7
32
2, 129 412.4
1,716
252
40
2,312
1,879
298
420.6
41
2,664
2,222
358
469.4
39
2, 548
2,578
2,679
2,953
3,037
3,084
2,108
2,148
2,242
1
2, 487
1
2, 527
1
2, 524
348
330
341
406
480
396
347
Percent
2.2
2.1
3.4
4.0
3.7
4. 4
5.2
5,2
4.8
4. 3
3.8
3.6
3.8
3. 6
3.3
3.2
3. 5
42
4*6
4*0
3.7
3.8
3.9
4.0
4-2
4*4
4*0
4*
4*6
4*2
3.8
2, 031, 6
2, 127. 9
|3, 848. 5
4, 021. 7
341.9
462.0
527.2
557.9
635.4
541.9
433.0
452.7
400.6
408.9
372.2
390.7
410.8
437.8
43.43
46. 17
50.34
55.49
52.24
52.43
52.83
53. 12
53.00
52.71
52.32
52.09
55.23
56.08
56.25
56.42
56,90
57. 10
4. 0
4. 1
4.2
4. 7
4.8
4.8
NOTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators.
NONAGRICULTURAL EMPLOYMENT
Total nonfarm payroll employment rose by 123,000 (seasonally adjusted) in December. Employment increases in
mining and transportation were primarily due to the end of strikes.
MILLIONS OF WAGE
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED}
AND SALARY WORKERS (SEASONALLY ADJUSTED)
76
16
(ENLARGED SCALE)
72
14
^—n—~i
WHOLESALE AND RETAIL TRADE
ALL NONAGRICULTURAL.
EST* BUSHMENTS
63
12
64
SERVICES
-
10
1
40
36
Kir
DURABLE
MANUFACTURING
12
mrnirtnnii^r-
(PRIVATE)
7
10
NONDURABLE
MANUFACTURING
MANUFACTURI ^G
-
\
20
16
GOVERNMENT
-
8
CONTRACT
.CONSTRUCTION.
-
\
12
IF 1 I I 1(
"
M i t t
1968
. < . i . 1 < . . . i ,i
1969
t i ( 1 i i i i i
1970
, , , , , )
i-LL±4|
1971
1 1 1 | | | 1 t 1 1 IK
1968
1971
1969
1970
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
[Thousands of wage and salary workers; seasonally adjusted]
Nonmanufacturing (private)
Government
Manufacturing (private)
Period
Total
Total
NonDurable durable Total
goods goods
Con- Trans* Whole- Finance,
insursale
tract portaance, Services Federal State
tion
and
and
Mining conand
and
local
struc- public retail
real
tion utilities trade estate
8,227
627 3,275 4,151 13,245 3, 100 9,551 2,564
8,679
613 3,208 4,261 13, 606 3,225 10, 099 2,719
9,109
606 3,285 4,310 14,084 3,382 10, 623 2,737
9,444
619 3,435 4,429 14,639 3,564 11, 229 2,758
9,830
622 3,345 4,504 14,922 3,690 11, 630 2,705
3,259 4,481 15, 175 3,799 11,912 2, 665 10, 188
602
11, 284
11, 439
11, 626
11, 895
11, 198
10, 589
7,930
8,008
8,155
8,272
8,171
8,019
33, 950
35, 012
36, 288
37, 915
38, 712
39, 228
1970: Nov._ 69, 985
Dec_» 70, 313
18, 517 10,449
18, 796 10, 738
8,068
8,058
38, 797
38, 834
624
623
3,294
3,302
4,506
4,450
14,902
14, 952
3,721 11, 750 2,664
3,731 11, 776 2,661
10, 007
10, 022
1971: J a n . ,
Feb__
Mar..
Apr__
May.
June.
July..
Aug..
Sept..
Oct..
Nov*>
Dec.
18, 747
18, 684
18, 609
18, 639
18, 702
18, 608
18, 533
18, 457
18, 616
18, 560
18, 603
18, 549
10, 697
10, 642
10, 571
10, 598
10, 651
10, 598
10, 552
10, 485
10, 597
10, 561
10, 571
10, 542
8,050
8,042
8,038
8,041
8,051
8,010
7,981
7,972
8,019
7,999
8,032
8,007
38, 988
38, 963
39, 079
39, 129
39, 209
39, 211
39, 186
39, 229
39, 382
39, 353
39, 422
39, 562
625
622
622
623
622
619
597
609
616
521
521
622
3,271
3,198
3,264
3,282
3,275
3,255
3,228
3,219
3,250
3,290
3,318
3,258
4,507
4,526
4,520
4, 505
4,518
4,500
4,476
4,428
4,460
4,442
4,435
4,459
15, 039
15, 059
15, 074
15, 107
15, 148
15, 135
15, 158
15, 223
15, 273
15, 270
15, 276
15, 330
3,746
3,749
3,758
3,769
3,788
3,807
3,806
3,804
3,821
3,834
3,852
3,847
10, 058
10, 082
10, 130
10, 164
10, 191
10, 198
10, 169
10, 193
10,181
10, 260
10, 287
10, 327
1966
1967
1968
1969
1970
1971*. „
63, 955
65, 857
67, 915
70, 284
70, 616
70, 689
70, 454
70, 391
70, 480
70, 599
70, 769
70, 657
70, 531
70, 529
70, 853
70, 848
70, 981
71, 104
19, 214
19, 447
19, 781
20, 167
19, 369
18, 608
»Includes all full- and part-time wage and salary workers in nonagricultural
itablishments who worked during or received pay for any part of the pay period
olch includes the 12th of the month. Excludes proprietors, self-employed perms, domestic servants, and personnel of the Armed Forces. Total derived from
Us table not comparable with estimates of nonagricultural employment of the
vilian labor force, shown on p. 10, which Include proprietors, self-employed
11, 800
11, 809
11, 841
11, 843
11, 858
11, 895
11, 921
11, 946
11, 962
11, 996
12, 020
12, 046
2,661
2,662
2,662
2,667
2,667
2,640
2, 643
2,650
2,674
2,675
2,669
2,666
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes; and which are based on an enumeration of population, whereas the estimates in this table are based on reports
from employing establisliments.
Source: Department of Labor.
13
WEEKLY HOURS OF WORK - SELECTED
INDUSTRIES
The average workweek of production workers (seasonally adjusted) in private nonfarm industries was unchanged
from November to December. The factory workweek, however, rose 0.2 hour to 40.3 hours, to its highest point since
December 1969.
HOURS P R WEEK (SEASONALLY ADJUSTED)
E
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
MANUFACTURING
TOTAL NONAGRICULTURAL PRIVATE
44
42
42
•40
40
38
38
36
36
34
M M
it t I i i n i ' '
"1968
M
i I t
M
»
I M I 1 I 1 M i1 *I
34
i » | 1 I M 1 1 I I I )
1969
1970
1971
«• t ' • ' < '
> » i « i i i i i i «
' i • I t i i i i
1969
1970
1971
1969
1968
1970
1971
42
RETAIL-TRADE
CONTRACT CONSTRUCTION
40
38
36
34
32
30
1968
1969
1970
1971
1968.
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
1
(Average hours per week ]
Period
1962
1963
1964
1965
1966
1967
1968
1969
1970,..
1971*
1970: Nov...
Dec...
1971: Jan....
Feb....
Mar.,.
Apr __.
May.,
June—.
July. ,
Aug.—
Sept,.
Oct....
Nov »,.
Dec *..
Total
nonagricultural
private 2
38. 7
38.8
38.7
38.8
38. 6
38.0
37. 8
37.7
37.1
37.0
36.8
37. 1
36.6
36.6
36.8
36.7
36.8
37.3
37.3
37.4
37.0
37.0
37. 1
37.3
Manufacturing
Unadjusted
40. 4
37. 0
40.5
37. 3
40. 7
37. 2
41. 2
37. 4
41.3
37.6
40.6
37.7
40.7
37.4
40. 6
37.9
39.8
37.4
39.9
37.2
39.7
36.2
39. 9
37. 4
39.6
36.0
39.4
35. 5
39.7
37.1
39. 5
37. 0
40.0
37.0
40.2
38.0
39.8
38.1
39.8
38.3
39. 8
36. 9
40.0
38.2
40,2
38.0
40.7
36.4
I ? , a t a r e I a t e t 0 P rod uctlon workers or nonsupervisory employees,
- Also includes other private Industry groups shown on p. 13.
* Includes eating and drinking places.
14
Contract
construction
Retail
trade 3
Total
nonagri- j Manufaccultural I turing
private 2
Contract
construction
Retail
trade 3
Seasonally adjusted
37. 4
37. 3
37. 0
36. 6
35. 9
35. 3
34. 7
34. 2
33. 8
33.7
33. 4
33.9
33. 1
33. 1
33. 1
33. 3
33. 3
34.0
34.8
34.7
33.7
33. 5
33. 5
34.1
Source: Department ol Labor.
1
1
1
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
Average hourly carninss of private nonfarm production workers rose 2 cents in December to $3.50. Compared to
a year earlier, hourly earnings were up by 6.1 percent and weekly earnings were up by 6.6 percent.
DOLLARS
DOLLARS
240
6.00
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
5.00
200
4.00
160
120
3.00
TOTAL NONAGRICULTURAL
PRIVATE
200
TOTAL NONAGRICULTURAL
PRIVATE
80
RETAIL TRADE -
RETAIL TRADE
M i l l II
1.00
1968
Mil
t t t 1 1 I ! I t I
40
1971
1970
1969
1968
1969
1970
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF tABOR
[For production workers or nonsupervisory employees]
Average hourly earnings—current dollars Average weekly earnings—current dollars
Period
1962
1963
1964
1965
1966
1967
1968.
1969.
1970.
1971 p.
1970:
Nov
Dec
1971: Jan
Feb
Mar
Apr
May
June
July
AUCL
oopt
Get
Nov"
Dec"
Total
nonagricultural
private l
$2. 22
2. 28
2 36
2. 45
2. 56
2. 68
2. 85
3. 04
3. 22
3.42
3. 29
3. 30
3. 33
3. 35
3, 36
3. 38
3. 41
3.42
3.43
3. 45
o. 49
3. 49
3.48
3.50
Manufacturing
$2. 39
2.46
2. 53
2.61
2.72
2.83
3. 01
3. 19
3.36
3.57
3.39
3.47
3.50
3.51
3.52
3.54
3.55
3.57
3.57
3.56
3. 60
3.60
3.60
3.69
Contract
construetion
S3. 31
3.41
3. 55
3. 70
3. 89
4. 11
4.41
4. 79
5. 25
5.70
5.46
5. 46
5.53
5.56
5.54
5. 55
5.65
5.63
5.68
5.75
5.86
5.90
5.89
5.91
Retail
trade 2
$1. 63
1.68
1.75
1.82
1.91
Z 01
2. 16
2.30
2. 44
2.57
2. 49
2.47
2. 52
2. 54
2. 55
2. 56
2.57
2.58
2. 58
2.57
2.60
2.60
2.60
2.60
1
Also includes other private Industry groups shown on p . 13.
includes eatine and drinking places.
1
Earnings in current dollars, adjusted to exclude the effects of overtime and
Interindustry shifts.
72-415°—72——3
1971
Total
nonagricultural
private l
$85. 91
8a 46
91.33
95.06
9a 82
101. 84
107. 73
114. 61
119. 46
126. 54
121. 07
122. 43
121. 88
122. 61
123. 65
124. 05
125. 49
127. 57
127. 94
129. 03
129. 13
129. 13
129. 11
130. 55
Manufacturing
Contract
construction
$96. 56 $122. 47
99.63
127. 19
102. 97
132. 06
107. 53
138. 38
112. 34
146. 26
114.90
154.95
122. 51
164. 93
129. 51
181. 54
133. 73
196. 35
142. 44
212. 04
134. 58
197. 65
138. 45
204. 20
138. 60
199. 08
138. 29
197. 38
139. 74
205. 53
139. 83
205. 35
142. 00
209. 05
143. 51
213. 94
142. 09
216. 41
220. 23
141. 69
143. 28
216. 23
144. 00
225. 38
144. 72
223. 82
150. 18
215. 12
Retail
trade 3
$60. 96
62. 66
64.75
66.61
68.57
70.95
74.95
78.66
82.47
86.61
83. 17
83.73
83.41
84.07
84.41
85.25
85. 58
87.72
89.78
89.18
87.62
87.10
87.10
88.66
Manufacturing
industries
a
Adjusted Average.
weekly
hourly
earnearnings,
ings,
1967=
1967
1003
dollars *
85.7
$106. 58
87.8
108. 65
90.3
110. 84
92.6
113. 79
95.7
115. 58
100.0
114,90
106.2
117. 57
112. 6
117. 95
119.7
114.99
127.7
117. 43
121.9
113. 57
123.8
116. 25
124.8
116. 28
125.3
115. 82
125.8
116.64
126.5
116. 33
126.9
117. 55
127.3
nai2
127.8
116.66
12a 3
116.04
129. 1
117.25
117. 65
12a 9
118. 04
129.0
122.00
13a 1
t Earnings in current dollars divided by the consumer price index**
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
In December, industrial production (seasonally adjusted) rose further by 0.7 percent and was 3 percent above the
level of a year earlier. About one-half of the December increase reflected the recovery in coal production from the
year
strike-curtailed level.
Index, 1 9 6 7 = 100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
130
150
UTILITIES AND MINING
TOTAL
140
120
JX ^Z
130
110
too
120
90
110
V\
. . - , - * • ' '
60
11 t m
i \ ii it i 1 M I I I 1 > it I t M l
196?
1968
t I l tI1 IM I I
130
120
MANUFACTURING
NONDURABLE
MARKET GROUPS
^+++*
120
110
^
MATERIALS-
\
| N T E R M E D l A T E PRODUCTS
nll
110
100
DURABLE \
y
FINAL PRODUCTS
100
90
80
t i t i i 11 t "ii3 I
1971 V
1970
1969
1968
1971
1970
MINING
100
1 M \ 1 1 \ 1 t t 1 f 111 1 H t 1 i f | i i I i i i i i
H
1970
1968
1969
i i i r i t t i t i t
( ! ! 1 1 1 r I ! 1 1 r i i i t I i i > t t
90
1968
1971
1969
SOURCE. BOARD O f GOVERNORS O f THE FEDERAL RESERVE SYSTEM
Period
Total
industrial
production
1962
1963
1964
1965.
1966
1967
1968
_ .
1969
1970
1971"
,.„
1970: Nov
Dec
1971: Jan
_
Feb
Mar
Apr
May
June
July
„
Aug
Sept
Oct
Nov »
Deo*
72.2
76.5
81.7
89.2
97.9
100.0
105.7
110.7
106.7
106.5
102.6
104.6
105. 3
105. 7
105.5
106.2
107.0
107.2
106.1
105.3
106.2
106.4
107.0
107.8
1971
1970
COUNOt OF ECONOMIC ADVISERS
[1967=100 , seasonally adjusted]
Industry
Market
Manufacturing
Final products
InterMining Utilities
mediate MateConNonEquip- products rials
Total Durable durable
Total
sumer
ment
goods
71.4
75.8
81.2
89.1
98.3
100.0
105.7
110. 5
105.2
104.9
100. 2
102.4
103. 3
103.9
103. 2
104.4
105.7
105.6
104.9
103.6
104.9
105.6
105.7
106.5
69.0
73.5
79.0
88.5
99.0
100.0
105.5
110.0
101.5
99.0
93. 8
97. 3
98. 1
98.6
98. 3
99. 1
100.5
100. 1
99, 4
96.6
98.5
99.4
98.9
99.7
Source: Board of Governors of the Federal Reserve System.
16
\ ^
75.1
79.2
84.4
90.0
97.3
100.0
106.0
111.1
110.6
113.3
109.6
110.0
110. 9
111.7
110,4
112. 1
113.3
113.7
113.0
113.8
114.2
114.5
115. 6
116,2
85.6
89.0
91.1
93,9
98.4
100. 0
103.9
107.2
109.7
106.9
113.7
112. 1
111. 1
no. i
111.4
110.4
108. 6
108.9
105,7
106.5
106.0
97.5
101.4
107.1
70. 2
75. 1
81.9
86.9
93.6
100. 0
109.4
119. 5
128. 5
135. 3
129. 6
130. 2
129.6
132.2
131.5
133.2
132. 1
135.6
138,7
137.0
138.4
137.8
137.4
137.2
70.8
74.9
79.6
86.8
96, 1
100.0
105.8
109.0
104. 4
104. 6
100.2
102,2
102.9
103.0
102. 5
103.6
103.9
104.5
104. 9
105.0
104.6
105.0
106.3
106.4
77.7
82,0
86.8
93.0
98.6
100.0
106. 6
111. 1
110. 3
115. 7
107.7
110.8
112.8
112.9
112.7
114.6
115.7
116. 1
116, 0
116.0
115.0
116.0
117.9
117,8
61.9
65. 6
70. 1
78.7
93. 0
100. 0
104,7
106. 1
96. 1
89. 2
89. 8
90.3
88.9
89.3
88,4
88. 1
87.8
88.2
89. 3
89.6
90.2
89.7
90.0
90,4
76.9
81. 1
87.3
93.0
99.2
100.0
105.7
112.0
111. 9
112. 8
111.6
112.1
110. 9
112,5
112.0
112. 4
113.5
112.4
113.8
110.7
112.5
113.3
114,4
114.6
72.4
77.0
82.6
91, 0
99.8
100.0
105.7
112.4
107. 8
106.8
102.8
105.4
106.5
106.8
107.1
107.5
108.9
109.0
105.3
104.0
106.2
105.8
105.6
107.5
PRODUCTION OF SELECTED MANUFACTURES
Among the durable manufactures, production (seasonally adjusted) of primary metals, machinery, and fabricated
metals advanced in December. In the nondurables sector, the textile and chemical groups posted production gains.
Index, 1967=100 (SEASONALLY ADJUSTED)
Index, 1967=100 (SEASONALLY ADJUSTED)
120
130
100
90
80
80
70
1968
1969
Index, 1967=100 (SEASONALLY ADJUSTED)
130
CHEMICALS, PETROLEUM,
AND RUBBER
1971
1970
1971
Index, 1 9 6 7 — 1 0 0 (SEASONALLY ADJUSTED!
FOODS AND. TOBACCO
100
90
COUNCIL OF ECONOMIC ADVISERS
SOURCEi BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1967=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
Period
Primary
metals
1962
1963
1964
1965
1966
1967.
1968
1969
_.
1970.
1971 v
1970: Nov
Dec
1971: Jan
Feb
Mar
Apr
Mayt»j
June
J
July
.
Auc
Sept _
Oct
Nov p
Dec *
-
_
___
-
-- -
- ---
... - - -- -
Transpor- Lumber Textiles, Paper Chemicals, Foods
Fabripetroand
apparel,
cated Machin- tation
and
and
print- eum, and tobacco
equipand
metal
ery
prodrubber
ing
ment
leather
products
ucts
78.2
84.3
95. 7
104.0
108. 8
100.0
103. 2
114. 1
106. 9
101. 2
98.4
104. 3
108. 1
105.5
106. 6
108.7
114.3
108. 1
98.2
81.0
93.9
95.6
93.3
96.5
75.9
78.4
83. 3
92.6
100. 5
100.0
106, 3
113.6
109.4
107. 4
104 5
106. 2
105.4
106. 6
104.9
108.5
108.5
108. 5
110.8
108.0
105.7
106.9
107.3
108.5
64 8
67.9
74 3
84 1
98.6
100.0
101.9
106.8
100.4
95. 6
94 9
94 8
93.4
94 2
94 0
94 2
95. 3
95.2
97.4
95. 6
96.3
97.0
96.6
97.9
69.3
75.9
79. 6
91.3
101.2
100.0
109.7
107.6
90.3
91.3
71.7
86.8
91.1
92.6
91.3
89.5
90.9
91.7
88.5
91. 1
91.7
92.5
91.4
90.8
82.0
85.8
91.0
94 7
98.4
100.0
104 8
108.6
106.3
106.4
106.8
109.7
110.8
110.3
112.5
110.0
111.0
115.4
113.1
113.9
117.3
119. 1
84 3
86.9
91.9
97.8
101.7
100.0
104 9
105.9
100.2
100.6
96.0
97. 1
98.6
98.0
97.3
99.8
101.5
102.4
100.2
100.1
102.5
103.9
100.4
102.0
74 3
78.4
84 5
90.5
98.9
100.0
104 2
109. 1
107.8
107.5
106.4
105.0
107.1
108. 1
104 6
106.9
106.9
106.0
106.8
ioa2
108.3
109. 1
109.0
108.7
64 5
70.0
75.9
83.8
94 1
100.0
109.6
118.4
118.2
124 5
117.8
11R9
118.2
120.9
120.5
122.4
124 2
125.3
124 0
126.2
127.3
126.1
128.5
130.0
84 0
87.0
90.6
92.6
97.0
100.0
103.6
107.5
110.8
113.4
111.9
112.5
113.9
113. 1
112.2
112.9
113.6
113.7
113.8
112.8
111.1
112.4
116.2
115.4
Source: Board of Governors of the Federal Reserve System.
17
wr^xuJY INDICATORS OF PRODUCTION
Most weekly indicate* of production increased in December. However, cars, trucks, and paperboard decl.ned.
i ram
Jl
F M A
M
J
BILUONS OF KILOWATT HOURS
35
J
,
J
\f
20
SOURCES. AMO0CAN RON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR
EDISON mCTWC WSTnUTE, AMD WARD'S AUTOMOTIVE KEPORTS
Period
Steel produced
Thousands Index
(1967=
of net
tons
100)
Weekly average:
1965—
1966
1967___
1969-,-.-.
1970
1971 *
_
1970: Nov..
Dec-,
1971: Jan..
Feb,_
Mar..
Apr,.
May_
June,
y
Aug
Sept
Oct
Nov
Dec*
Week ended:
1971: Dec 25
1972: Jan 1,
15,.
22*.
1
s
2,521
2,572
2,440
2,515
2,709
2,522
2,305
2,333
2,361
2,545
2,719
2,854
2,929
2,917
2,678
2,249
1, 303
1,794
1,853
1,877
1,979
2
2
1
2
1,948
2, 004
2, 152
2, 312
2, 220
Daily aver je. Includes data for Alaska.
Notchi '
18
a
105.4
100. 0
ioai
111.0
103.4
94.5
95.6
96.8
104 3
111.4
117,0
120.0
119.5
109.8
92.2
53.4
7a 5
76.0
76. 9
81.1
79.8
82. 1
88.2
94.8
91.0
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Cars and trucks
coal mined
power
produced
loaded
distributed (thousands (thousands (thousands assembled (thousands)
(millions of
of short
of tons)
Total
Cars Trucks
of cars)
kilowatt-hours) tons) i
1,735
1,798
1,868
1, 827
1,884
2,012
1,984
2,197
2,079
2,058
1,954
2,102
2,197
2,026
1,963
1,829
2,118
2,129
906
1,763
2,118
20,169
21, 971
23, 169
25,244
. 27,588
29, 317
30, 923
28, 306
29,442
31, 200
30, 864
29, 993
28,570
28, 921
32, 551
32, 781
32, 786
31, 887
29, 590
30, 227
31, 218
31, 063
29, 533
32, 392
* 32, 324
* 33, 057
8
2
2
2
2
a
562
570
540
543
543
515
484
514
454
488
487
506
523
526
525
424
493
502
445
441
449
410
446
439
479
507
490
506
501
442
488
506
516
508
513
510
467
522
510
531
521
478
213.7
199.3
172.9
207.6
195.8
158.9
204.8
108. 0
155.8
220. 3
231, 0
230.2
211.6
232. 4
212. 3
131.8
145.7
215.6
233.6
218.6
171.7
179.4
165.4
142.4
170.1
158. 1
125. 9
164.6
86,7
125.7
181.7
188.8
188. 1
170.6
190.6
169.7
106.5
110.2
172.5
186.8
175. 1
136.9
34,3
33.9
3a 5
37.5
37,8
33.0
40.1
21.3
30.1
38.5
42.2
42. 1
40.9
41.7
42.6
25.3
35.5
43.2
46.7
43.5
34.9
2,135
2, 214
1, 792
1, 930
1, 854
416
390
430
467
463
487
319
422
536
511
178.3
2
.3
225. 1
221.9
205,8
142. 1
.0
179.9
175.5
158,9
36.2
.3
45.2
46.4
46.9
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, expenditures for new construction (seasonally adjusted) rose about 1 percent in
December. Both private residential and non-residential construction increased while public construction fell slightly.
BILLIONS OF DOLLARS
140
BILUONS OF DOLLARS
140
SEASONALLY ADJUSTED ANNUAL KATES
120
120
TOTAL NEW CONSTRUCTION
100
100
80
80
PRIVATE
—
-
-"•""•-«»..~
60
40
40
,,I ,
20
i
i i t i I t t i i tk
20
60
60
^
PRIVATE RESIDENTIAL
40
ALL OTHER PRIVATE
?n
1 1 1 1
1966
1968
1 1967
f
1 1 1 1 1 1
t ! f 1 1 t t 1 t t f
.II
1970
1969
1.1.1.
Period
1966
1967
1968
1969.
1970__
1971 9
_._
76. 0
77. 5
86. 6
93. 3
94. 3
108.6
Aue
Sept
Oct
Nov..
Dec *
l
96. 4
9& 3
102. 6
100. 6
102. 3
103. 0
105. 9
107.6
109. 2
110. 0
11L9
110.0
113. 7
113.6
115.1
Total
52.0
52.0
59.0
65.4
66.1
78.8
Private
Residential
CommerNew
cial and
Other
Total»
housing industrial
units
Billions of dollars
25.7
19.4
26.3
25.6
19.0
26.4
30.6
24.0
13.8
14.7
33.2
25.9
16.2
16.0
31.7
24.2
16.3
iai
42.1
34.2
17. 1
19.7
67.8
69.2
70.7
70.6
70.7
73.0
76.3
77.9
79.9
80.5
82. 1
81.4
81.8
83.2
85.0
32.9
34.1
35.1
35.6
36.5
37.7
39.6
41.5
42.3
42. 7
43.9
44.7
45.1
45.2
46.2
25.0
25.6
26.7
27.6
28.5
29.6
31.0
32.9
34.0
35.0
36.6
37.4
37.5
37.5
38.4
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
• P. W. Dodge series. Belates to 60 States beginning 1970torvalue index and
beginning 1971 for floor space.
20
1972
Federal,
State,
and
local
24.0
25.5
27.6
2& 0
2a i
29.8
15.7
15.6
16.1
16.4
16.4
16.8
17.4
16.8
17.3
18.1
17.9
16.3
16.5
17.1
17.7
Construction contracts*
CommerTotal value cial and
index,
industrial
(1967 = floor space
100)
(millions of
square feet)
94. 8
100.0
113.2
123.7
123.1
144.3
769
694
779
883
743
730
Seasonally
Seasonally adjusted
adjusted
annual
rates
Seasonally adjusted annual rates
1970: Oct
Nov
Dec
1971: Jan
Feb
Mar
Apr
May
June
July
f t 1 1 t 1 I 1 ! • IK
COUNCIL O f ECONOMIC ADVISERS
SOURCEi DEPARTMENT OP COMMERCE
Total new
construction
expenditures
It
1971
19.2
19.5
19.5
18.6
17.9
18.5
19.3
19.6
20.3
19.7
20.2
20.4
20.3
20.9
21.2
28.6
29.0
31.9
30.0
31.6
30.1
29.6
29.7
29.3
29.5
29.8
2a 6
31.8
30.5
30.2
115
130
132
117
126
142
161
141
147
151
153
154
137
155
160
621
648
656
652
600
785
658
761
754
728
658
849
741
824
807
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
In December private housing starts rose more than 9 percent from the record November rate fo a seasonally adjusted
annualTra^e of 2,517,000 unifs-another all-time high. Permits for future starts climbed more than 14 percent to a new
record rate.
MILLIONS OF UNITS
2.5
2.0
1.5
T.0
ro
1971
COUNCIL O f ECONOMIC ADVISERS
SOWCESi DEPARTMENT O f COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), AND VETERANS ADMINISTRATION (VA)
Period
1966.
1967,
1968,
1971
1970: Nov,.
Dec.
1971: Jan..
Feb.
Mar _
Apr
May«
June.July..
Aug..
Sept.
Oct__
Nov *
Dec*.
Total
private Total
and
private
public (includ(including
ing
farm)
farm)
[Thousands of units]
Housing starts
Private
Total (including farm)
Government
home programs
(nonfarm)
Two or
more
FHA
VA
units
195.9
165.0 1, 165. 0
386.4
129. 1
36.8
1, 321. 9 1, 291. 6 1, 291. 6
447.7
141.9
52.5
1, 545. 5 1, 507. 7 1, 507. 7
608. 2 147.7
56. 1
1, 499. 6 1, 466. 8 1, 466. 8
656.2 153,6
51.2
1, 469. 0 1, 433. 6 1, 433, 6
620. 7 233.5
61.0
2, 080. 5 2, 048. 2 2, 048. 2
899. 6 301.2
93.8
Seasonally adjusted annual
128.3
126.9
934
759
288
1,693
71
121.4
124. 1
814
354
2,054 1,240
78
114.8
1,725
110.6
946
410
779
76
104.6
1,754
102.2
985
290
769
73
169.3
1,959 1,048
167.9
265
911
83
203.6
1,912 1,098
201. 1
278
814
93
203.5
1,975 1, 124
198.5
265
851
96
196.8
2,000 1,177
193.8
284
823
91
197.0
2,229 1,187
194,3
283
1,042
98
205.9
2,258 1,212
204.5
321
1,046
102
175.6
2,002 1,187
173.8
291
815
97
181.8
2,031 1,159
179.7
299
872
98
174.9
2,303 1,283
172.2
296
1,020
106
152.8
2,517 1,411
149. 6
399
1, 106
101
Total
One
unit
778,5
843. 9
899.5
810.6
812, 9
1,148.5
'Authorized by issuance of local buildinp permit: in 13,000 permit-issuing
places beginning 1967; 12,000 for 1963-66, and 10,000 prior to 1963.
3
Units represented by mortgage applications for new home construction.
20
Proposed home
construction
New
private
housing
units
authorized l
Applications for Requests
FHA forVA
commit- appraisals 2
ments
971.9
1, 141. 0
1, 353. 4
1, 322. 3
1, 351. 5
1, 880. 9
rates
1,523
1,808
153. U
167. 2
168.9
187.6
315. 0
366.8
345
474
"157
149
1,635
1,563
1,627
1,638
1,927
1,849
2,052
2,006
1,900
2, 173
1,952
2,231
371
350
336
347
374
370
383
359
344
353
296
472
190
174
183
210
218
257
228
220
252
233
210
226
99.2
124.3
131.7
138. 2
143.7
217.9
Sources: Department of Commerce, Federal Housing Administration (FHA)*
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES-TOTAL AND TRADE
Business inventories (seasonally adjusted) changed little in November while sales were up 2 % percent.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED]
200
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
RETAIL TRADE (ENLARGED SCALE)
25 -DURABLE GOODS STORES
TOTAL BUSINESS
INVENTORIES
180
20
INVENTORIES
160
15
140
10
JTOTAL BUSINESS
SALES
120
SALES
5
100
30*
60
NONDURABLE GOODS STORES
INVENTORIES
RETAIL INVENTORIES
25
40
20
"V
20
RETAIL SALES
t t t i I 1 i i \ i
1969
t i i 1 i t i i t . i i t i t I t i t i t
1970
1 I t t I 1 1 t I t li
15
1972
1971
1969
1970-
1972
1971
SEE^BELOtf.
SOURCES; DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
Total business
l
Retail
Wholesale
Sales«
Period
1964
1965
1966
1967
1968
1969
19704
1971
1970: Oct
Nov
Dec
1971: Jan
Feb
Mar
Apr__.
May
June
July
Aug
Sept
Oct
Dec
x
2
J
Sales
73, 685
! 80, 276
87, 172
89, 708
| 97, 105
103,178
100,276
| 113,975
i 105,610
| 104,485
! 106,943
' 109,346
; 111,166
I 112,740
_ ^ ! 113, 155
114,303
115,531
114,727
115,064
115,660
1 114, 687
117, 341
Inventories 3
111, 457
120, 900
136, 714
145, 072
155, 238
166, 412
173, 635
179, 488
172, 588
173, 374
173, 635
174, 412
174, 834
175, 536
176, 275
177, 046
177, 403
177, 652
178, 157
178, 924
179, 468
179, 488
Sales
14, 527
15, 595
16, 979
17, 099
18, 329
19, 726
20, 554
22, 194
20, 754
20, 641
20, 718
21, 338
21, 334
21, 676
21, 897
22, 449
22, 716
22, 621
22, 605
22, 549
22, 284
22, 660
The term "business" also includes manufacturing (see page 22).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
NonInvenDurable durable
tories 3
goods
Total
goods
stores
stores
Millions of dollars, seasonally adjusted
16, 977
18, 274
20, 691
21, 557
22, 528
24, 363
26, 604
28, 318
26, 003
26, 334
26, 604
26, 646
26, 806
26, 788
27, 046
27, 140
27, 333
27, 866
27, 795
27, 814
27, 928
28, 318
21, 823
23, 677
25, 330
26, 151
28, 490
29, 824
31, 294
33, 952
31, 621
31, 282
31, 761
32, 290
32, 850
33, 274
33, 578
33, 502
33, 827
33, 688
34, 655
35, 219
34, 964
35, 620
s 34, 876
7,049
7,849
8, 192
8,348
9,268
9,626
9,524
10, 945
9,418
8,858
9, 185
10, 003
10, 240
10, 613
10, 747
10, 576
10, 782
10, 747
11, 298
11, 833
11, 695
11, 856
11, 367
14, 773
15, 828
17, 138
17, 803
19, 222
20, 197
21, 770
23, 007
22, 203
22, 424
22, 576
22, 287
22, 610
22, 661
22, 831
22, 926
23, 045
22, 941
23, 357
23, 386
23, 269
23,764
23, 509
Total
31, 094
34, 405
38, 073
38, 952
41, 973
45, 376
46, 555
50, 377
40, 303
46, 113
46, dbb
46, 888
47, 426
48, 246
48, 809
49, 259
49, 534
49, 592
50, 299
50, 844
50, 800
50, 377
Inventories a
Durable
goods
stores
13, 318
15, 253
17, 258
17, 277
19, 167
20, 647
20, 490
23, 306
20, 562
19, 965
20, 490
20, 689
21, 232
21, 704
22, 056
22, 509
22, 679
22, 707
23, 313
23, 769
23, 652
23, 306
Nondurable
goods
stores
17, 776
19,152
20, 815
21, 675
22, 806
24, 729
26, 065
27, 071
25, 741
26, 148
26, 065
20, 199
26, 194
26, 542
26, 753
26, 750
26, 855
26, 885
26, 986
27, 075
27, 148
27, 071
* Based on seasonally adjusted data through November.
* Unofficial estimates.
Source department ol Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
New orders and shipments of manufacturers (seasonally adjusted) decline in December and for the second month
in a row inventories were little changed.
_ . _ _ _ - ^ ^ ^ _ _ — _ — — ^ — _ _
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
110
MANUFACTURERS' SHIPMENTS
MANUFACTURERS' INVENTORIES
100
T O T A i * ^
90
80
70
30
DURABLE GOOD S
^—1
60
20
• —
.
50
MANUFACTURERS1 NEW ORDERS
DURABLE GOODS
30
3OODS
NONDURABLE '
#1Mi||M,1,H»lwtl|I#»U»Ml
- * — 30
20
10 It 11 f 11
*
lOA
1963
If1'1 ' ' ' * \ ' '
1968
1971
\ i' r i i \ t i \ i i
f t \ 1 t 1 1 \ \ \ \
1969
1970
Manufacturers' shipments 1 Manufacturers1 inventories'
Total
1971
x
COUNCIL OF ECONOMIC ADVISERS
SOtKCE, DEPA*TM£NT OF COMMERCE
Period
f i i i \ \ r t t f iK
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Manufacturers' new orders 1
Total
Durable goods
NonProducers1 durable
capital
Total
goods
goods
industries
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars, seasonally adjusted
1964
„
1965,.._..
19C6
1967
1968
1969
1970
1971"
1970: Nov
Dec
1971: Jan_
Feb.
Mar
Apr,
May
June
July
Aug.
Sept
Oct.
Nov
Dec
37, 335
41, 003
44, 863
46, 458
50, 287
53, 629
54, 429
57, 892
52, 562
| 54, 464
55, 718
56, 982
57, 790
57, 680
58, 352
58, 988
58, 418
57, 804
57, 892
57, 439
59, 061
58, 881
19, 634
22, 216
24, 629
25, 220
27, 695
29, 539
29, 349
31, 539
27, 680
29, 185
30, 166
30, 856
31, 616
31, 308
31, 850
32, 650
32, 123
31, 464
31, 543
31, 166
32, 106
31, 750
17, 701
18, 788
20, 233
21, 237
22, 592
24, 090
25, 080
26, 353
24, 882
25, 279
25, 552
26, 126
26, 174
26, 372
26, 502
26, 338
26, 295
26, 340
26, 349
26, 273
26, 955
27, 131
63f 386
68, 221
77, 950
84, 563
90, 737
96, 673
100, 476
100, 754
100, 927
100, 476
100, 878
100, 602
100, 502
100, 420
100, 647
100, 536
100, 194
100, 063
100, 266
100, 740
100, 793
100, 754
38, 436
42, 227
49, 793
54, 888
58, 969
63, 160
65, 152
64, 368
65, 517
65, 152
65, 308
65, 090
65, 082
65, 033
65, 079
64, 825
64, 692
64, 523
64, 563
64, 494
64, 399
64, 368
•Monthly average lor year and total for month.
value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
!
Book
:
22
24, 950
25, 994
28, 157
29, 675
31, 768
33, 513
35, 324
36, 386
35, 410
35, 324
35, 570
35, 512
35, 420
35, 387
35, 568
35, 711
35, 502
35, 540
35, 703
36, 246
36, 394
36, 386
37, 952
41, 803
45, 912
46, 707
50, 505
53, 768
53, 866
57, 716
52, 463
55, 468
57, 255
57, 165
57, 699
56, 597
57, 028
57, 009
58, 255
58, 085
57, 322
57, 490
59, 576
59, 341
20, 258
22, 986
25, 690
25, 46S
27, 919
29, 681
28, 778
31, 351
27, 560
30, 140
31, 666
31, 071
31, 472
30, 228
30, 601
30, 666
31, 955
31, 758
31, 026
31, 126
32, 564
32, 135
Source: Department of Commerce.
3,935
4,435
5,265
4,958
5, 307
6,074
5,794
6,384
5,871
5,925
6, 442
6,617
6,219
5, 677
6, 193
6,237
6,146
6,551
6,425
6,806
6,565
6,765
17, 694
18, 817
20, 222
21, 239
22, 585
24, 087
25, 088
26, 365
24, 903
25, 328
25, 589
26, 094
26, 227
26, 369
26, 427
26, 343
26, 300
26, 327
26, 296
26, 364
27, 012
27, 206
1. 64
1. 60
1. 62
1. 70
1.74
1.75
1,82
1. 74
1. 92
1.84
1.81
1.77
1.74
1.74
1.72
1.70
1.72
1. 73
1,73
1.75
1. 71
1-71
MERCHANDISE EXPORTS AND IMPORTS
Exports and imports rose sharply in December as strikebound ports reopened. The trade deficit was $274 million
(seasonally adjusted) in December and $2.0 billion for 1 9 7 1 .
BILLIONS OF DOLLARS
BILLIONS OF. DOLLARS
3.0
2.5
2.0
1972
1966
1 / SEE NOTE BELOVf.
COUNCIl Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
[Millions of dollars]
Merchandise imports
Merchandise exports
Domestic exports
Total (includGeneral imports 3
2
ing reexports)^
Food, Crude
Food, Crude
Total
bever- matebever- mate- Manu2
facSeasonages,
rials
rials
ages,
Season- Unad- Total *
tured ally ad- Unad- and to- and
and to- and
ally ad- justed
goods justed justed bacco fuels
bacco fuels
Justed^
Monthly average :j
1963
1964
!
1965
1966
1967
1968
1969
1970
1971 _
1970: Nov.
Dec.
1971: Jan_.
Feb..
MarApr. MayJune.
July..
Aug..
SeptOct__
Nov_
Dec—
1,869
2,153
2,229
2,458
2,586
2, 839
3, 111
3,555
3,630
3,499
3,569
3, 735
3.690
3,815
3,522
3, 783
3,661
3,495
3,678
4,511
2,710
3,160
3,859
1,845
2, 123
2,201
2,421
2,554
2,802
3,066
3,502
3,576
3,494
3,684
3,482
3,527
4,108
3,807
3,914
3,686
3, 340
3,366
4,225
2,828
3,221
4,057
Unadjusted
3,445
513
3,633
485
3,434
439
3,470
403
4,059
455
3,741
401
3,854
423
3,625
395
3,295
385
3,319
383
4,170
568
2,776
294
3,176
394
537
4,000
349
386
377
432
392
383
370
422
423
315
361
356
367
394
405
417
558
537
574
2,293
2,378
2,351
2,445
2,937
2, 649
2,792
2,605
2,364
2,353
2,935
2,028
2,248
2,737
667
554
537
596
578
550
544
468
515
586
394
471
644
1
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
1
Total includes commodities and transactions not classified according to kind.
* Total arrivals of imported goods other than intransit shipments.
1,428
1,562
1,786
2, 135
2,241
2,769
3,004
3,329
3,800
1,191
1, 377
1,453
1, 602
1,737
1,985
2,232
2,445
2,537
3,428
3,402
3,686
3,553
3,569
3,758
3,988
4,023
3, 799
3,937
4,245
3,531
3,387
4,132
3,405
3,553
3,422
3, 194
3, 912
3,898
3,845
4,283
3,699
3,847
4,254
3,472
3,531
4,283
322
335
334
382
392
447
442
519
534
396
419
453
476
447
503
533
545
740
Unadjusted
518
515
575
597
523
515
442
480
641
528
593
569
521
611
593
669
565
639
616
643
715
659
352
571
353
598
606
712
Grossmerchandise trade
Manu- surplus,
seasonfactured ally adjusted
goods
672
759
937
1,204
1,313
1,719
1,918
2,159
2 ; 526
2,264
2,265
2,267
2,163
2,620
2,612
2,586
2,897
2 362
2,467
2,767
2,423
2,462
2,825
441
590
444
323
345
70
107
226
-171
71
168
49
136
245
236
205
363
304
260
265
821
227
274
NOTE.—Data adjusted to include silver ore and bullion reported separately
prior to 1969.
Source: Department of Commerce.
23
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
Current estimates for the third quarter indicate a merchandise trade deficit of $2.1 billion and a deficit on current
account of $3.7 billion (both at seasonally adjusted annual rates).
BILLIONS OF DOLLARS
10
\
BALANCE O N GOODS
AND SERVICES
MERCHANDISE TRADE BALANCE
BALANCE O N CURRENT ACCOUNT
1971
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPAKTMENT OF COMMERCE
[Millions of dollars]
Merchandise
Period
Exports
1966
1967_.
1968
1969.
1970..
1971*
Imports
12
Net
balance
Military transactions
Direct
expenditures
29, 390 -25,463 3,927 - 3 , 7 6 4
30, 680 - 26, 821 3,859 4,378
33, 588 -32,964
624 - 4 , 535
36, 490 -35,830
660 - 4 , 856
41, 980 -39,870 2, 110 - 4 , 851
44, 308 -46,052 - 1 , 7 4 4 - 4 , 759
1970: I
40,964 - 3 8 , 912 2,052 - 4 , 7 2 8
42, 328 -39,324 3,004 - 5 , 020
I I I . . . 42, 784 -39,968 2,816 - 4 , 844
IV.,.. 41, 844 - 4 1 , 276
568 - 4 , 812
1971: I
44,120 - 4 3 , 044 1,076 - 4 , 696
I I . , . . 42, 880 - 4 7 , 040 - 4 , 160 - 4 , 856
I l l »„ 45, 924 - 4 8 , 072 - 2 , 148 - 4 , 724
1
2
1
Sales
Net
balance
829
1,240
1, 395
1, 515
1,480
2,024
Private 3
U.S.
Government
315
365
344
497
587
753
5,300
5,220
2,489
2,011
3,591
1,586
Remittances, Curpenrent
sions,
acand
count
other
baluniancft
lateral
transfers 1
- 2 , 890
2,410
- 3 , 081
2, 139
- 2 , 875
-386
- 2 , 910
-899
- 3 , 148
443
— 3, 364 - 1 , 7 7 8
588
532
628
600
848
704
708
3,524
4,180
3,980
2,680
4,680
104
— 24
-3,024
500
-3,012
1, 168
-3,212
768
- 3 , 344
-664
—3, 080
1,600
- 3 , 352 - 3 , 2 4 8
- 3 , 6 6 0 - 3 , 684
Net
travel
Other
and
trans- servporta- ices,
tion
net
expenditures
- 2 , 9 3 5 5, 331
44 — 1,382
- 3 , 1 3 8 5,848
40 - 1 , 7 5 2
- 3 , 140 6, 157
63 - 1 , 558
155 - 1 , 7 8 0
- 3 , 3 4 1 5,820
- 3 , 370 6,360 - 1 1 8 - 1 , 979
- 2 , 7 3 5 8, 24S - 7 5 2 - 2 , 184
Seasonally adjusted annual rates
1,096 - 3 , 632 6, 184
124 - 1 , 7 9 2
1,788 - 3 , 232 5,888
- 1 2 - 2 , 000
1,308 - 3 , 536 6,540 - 2 5 6 - 2 , 212
1,732 - 3 , 0 8 0 6,828 - 3 2 4 - 1 , 9 1 2
2,028 - 2 , 668 7,580 - 4 4 8 - 1 , 708
2,180 - 2 , 6 7 6 9,308 —632 - 2 , 4 4 0
1,864 - 2 , 8 6 0 7,856 -1,176 - 2 , 404
Excludes military grants.
Adjusted from Census data for dillerences in timing and coverage.
Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States,
24
Net investment income
Balance
on
goods
and
services 1
* Average of first 3 quarters on a seasonally adjusted annual rates basis.
Source: Department of Commerce.
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The balance of payments deficit on the net liquidity basis in the third quarter was at a seasonally adjusted annual
rate of $37.2 billion, according to current estimates; on the official reserve transactions basis it was $48.5 billion.
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED A N N U A L RATES
10
BALANCE O N
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
BALANCE O N OFFICIAL
RESERVE TRANSACTIONS
-10
x
NET
LIQUIDITY
BALANCE
-20
-20
-30
-30
-40
-40
-50
-50
-60
'
1966
'
1967
'
J
L
J
1968
J
L
1969
L
1970
J
L
1971
I
J
1972
-60
L
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Millions of dollars]
Long-term capital Balance Nonliquid
flows, net
on
current shortterm
account private
U.S.
2 and longGovern- Private
term capital
ment *
capital flows
net 2
Period
1966___
1967...
1968...
1969...
1970..
19716
— 1, 469
_ -2,423
- 2 , 161
— 1, 930
-2,029
- 2 , 456
-2,555 -1,614 -102
- 2 , 9 1 2 - 3 , 196 - 5 0 5
231
1, 198 - 1 , 349
»50 -2,879 -602
-1,454 -3,039 -545
- 5 , 9 2 8 -10,162 - 2 , 5 9 3
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
-431
-985
-493
- 2 , 603
867 - 1 , 1 0 4
717 -11,401
Balance,
net
liquiduitybasis
U.S.
Changes
Liquid Balance, in lia- Changes! official
private official
bilities in U.S. reserve
capital reserve
to
official assets,
flows,
foreign reserve
transnet
2
actions official assets, (end of
net
4
basis : agencies, net
period)
net 3
2,367
- 2 , 148
568 14, 882
219
-787
1, 267 - 3 , 4 1 8
- 4 , 685
52 14, 830
3,366
3,251
-1,610
- 8 8 0 5 15, 710
1,641
761
8,786
-6,084
2,702 - 1 , 5 1 5 - 1 , 1 8 7 16, 964
- 3 , 8 2 1 - 6 , 0 0 0 - 9 , 821
2,477 14, 487
7,344
- 2 3 , 439 - 7 , 7 4 1 - 3 1 , 180 27, 800
3,380 12, 131
Unadjusted
Seasonally adjusted annual rates
1970: I
II
III.__
IV__.
1971: I
II—III »__
— 1,812
- 2 , 360
— 1,248
— 2,692
- 2 , 720
-2,520
— 2, 128
- 3 , 8 7 6 - 5 , 188 - 4 6 0
- 1 , 088 - 2 , 280 -.560
-880 -1,360 -460
28 - 3 , 3 2 8 - 7 0 0
- 4 , 012 - 5 , 132 - 1 , 5 3 6
- 7 , 180 -12,948 - 1 , 5 7 6
- 6 , 5 9 2 -12,404 - 4 , 668
- 2 3 6 - 5 , 0 1 6 - 6 , 4 4 0 -11,456
868
868 - 1 , 5 0 0 - 3 , 4 7 2 - 2 , 144 - 5 , 616
868 - 1 , 748 - 2 , 700 - 5 , 600 - 8 , 3 0 0
- 9 3 2 - 4 , 096 - 9 , 816 -13,912
864
720 - 4 , 068 -10,016 - 1 2 , 116 - 2 2 , 132
204 - 2 2 , 924
716 - 9 , 320 - 2 3 , 128
716 - 2 0 , 816 - 3 7 , 172 -11,312 -48,484
10, 400
2,396
5,964
10, 616
19, 404
20, 288
43, 708
1,056
3,220
2,336
3,296
2,728
2,63b
4,776
17, 350
16, 328
15, 527
14, 487
14, 342
13, 504
7
12, 131
* Includes gain of $67 million resulting from revaluation of the German mart
* Excludes liabilities to foreign official reserve agencies.
3
In October 1969.
Private foreigners exclude the IMF, but include other International ana
• Average of first 3 quarters on a seasonally adjusted annual rates basis.
regional organizations.
3
' On Sept. 30, U.S. reserve assets consisted of gold stock, $10,207 million, special
Includes liabilities to foreign official agencies reported by U.S. Government
drawing rights, $1,097 million; convertible currencies, $250 million; gold tranche
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
position, $577 millic
7 million.
w>. and gold deposits with, the United States.
* Official reserve assets include gold, special drawing rights, convertible cur- • Sources: Department of Commerce and Treasury Department.
rencies, and the U.S. gold tranche position in the IMF.
25
PRICES
CONSUMER PRICES
The December consumer price index rose 0.4 percent on both an unadjusted and a seasonally adjusted basis. Food,
particularly fresh vegetables, v/as up 1.1 percent, the largest increase in 2 years. Nonfood commodities showed no
change on the average unadjusted but rose 0.3 percent seasonally adjusted. Services rose 0.3 percent.
Index; 1967= 100
Indox, 1967=100
100
100
90
90
1965
I
1966
1971
SOURCE. DEPARTMENT OF IASOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100]
Commodities
Period
1962
196^
19G4
1965
I960
1967......
1908
1969
1970
1971
1970: N o w
Dec_
1971: Jan.
Feb.
Mar.
Apr.
May.
June
July.
Aug.
Sept.
Oct.
Nov.
Dec.
Source: Department of Labor.
26
All
items
90.6
91.7
92, 9
94, 5
97.2
100.0
104.2
109.8
116.3
121. 3
118.5
119. 1
119. 2
119.4
119.8
120.2
120. 8
121. 5
121.8
122. 1
122, 2
122.4
122.6
123. 1
All commodities
92.8
93.6
94.6
95.7
98. 2
100.0
103.7
108.4
113.5
117.4
115. 1
115.6
115.4
115.5
116. 1
116.6
117. 2
117,9
118.1
118. 2
118. 1
118.4
118.5
118.9
Services
Commodities less food
Food
89.9
91.2
92.4
94.4
99.1
100.0
103.6
108.9
114.9
118.4
114.9
115.3
115.5
115.9
117.0
117.8
118. 2
119.2
119. 8
120.0
119, 1
118.9
119,0
120. 3
All
94. 1
94,8
95, 6
96.2
97. 5
100. 0
103. 7
108. 1
112. 5
116,8
115. 1
115.5
115. 2
115.2
115. 5
115.8
116.6
117. 1
117. 0
117. 1
117. 4
118.0
118. 1
118. 1
Ail
NonDurable durable services
97.6
91. 8
86.8
97.9
92. 7
88.5
98.8
93.5
90. 2
98.4
94.8
92. 2
98.5
97.0
95.8
100. 0
100.0
100. 0
103. 1
104. 1
105. 2
107. 0
108.8
112. 5
111. 8
113, 1
121.6
116.5
117. 0
128.4
114.7
115. 4
124,9
115, 2
115.7
125.6
115. 2
115. 3
126. 3
115.0
115.4
126.6
115. 2
115.7
126. 6
115.7
116.0
126.8
116. 6
116,6
127. 5
117.4
116. 9
128.2
117. 5
116.7
128. 8
116.9
117, 2
129.4
116. 4
118.2
129. 8
117. 1
118.7
130. 0
117.4
118. 7
130.4
117.2
118. 8
130.8
Rent
94.0
95.0
95. 9
96.9
98.2
100. 0
102.4
105. 7
110. 1
115. 2
111.8
112.6
112. 9
113.6
113.9
114,4
114. 7
115.2
115. 4
115,8
116.1
116.4
116. 6
116. 9
Services
less
rent
85.5
87.3
89.2
91.5
95.3
100.0
105.7
113. 8
123. 7
130.9
127.3
128.0
128.7
129. 0
128. 9
120. i
129.8
130.6
131,2
13L 9
132. 3
132.5
132.9
133. 3
WHOLESALE PRICES
The wholesale price index rose 0.8 percent in December; seasonally adjusted it was up 0.7 percent. Industrial com*
modities increased 0.3 percent both unadjusted and seasonally adjusted. Farm products were up 3.2 percent and
processed foods and feeds 1.3 percent for the largest increases since February.
Index, 1967=100
Index, 1967=100
95
1971
SOURCE: DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[1967^100]
Period
1962
1963
1964
1965
1906
1967
1968
1969
1970
1971
1970: Nov.
Dec-1971: Jan
Feb
Mar___
Apr
Mav__
June_
July
Aug.
Sept,.
Oct__
Nov....
Dec__
AH
commodities
Farm
products
Processed
foods
and
feeds
94. 8
94.5
94.7
96. 6
99. 8
100. 0
102. 5
106.5
110. 4
113. 9
110. 9
111. 0
111.8
112. 8
113. 0
113. 3
113.8
114. 3
114. 6
114. 9
114. 5
114.4
114. 5
115. 4
98. 0
96.0
94.6
98. 7
105.9
100. 0
102. 5
109. 1
111. 0
112 9
107. 0
107. 1
108. 9
113. 9
113. 0
113. 0
114.0
116. 0
113.4
113. 2
110. 5
111. 3
112.2
115.8
91. 9
92. 5
92.3
95.5
101.2
100. 0
102. 2
107. 3
112. 0
114 3
111. 7
110. 7
111.8
113, 3
113. 7
113. 5
114. 5
114. 9
116.0
115.4
114.6
114. 1
114.4
115.9
* Coverage of the subgroups docs not correspond exactly to coverage of this
3
1 3 f? x c * u d e s cnide foodstuffs and feedstuffs, plant and animal fibers, oilseeds, and
?
Industrial commodities
All industrials 1
918
94. 7
95.2
96. 4
98. 5
100. 0
102. 5
106. 0
110. 0
114 0
111. 3
111. 7
112.2
112. 5
112. 8
113. 3
113. 7
113. 9
114, 5
115. 1
115. 0
115. 0
114.9
115.3
Crude
materials3
95.6
94.3
97.1
100.9
104.5
100.0
102. 0
110. 6
118. 8
122. 7
118. 2
119.8
121.4
121. 8
121.4
124. 1
123.5
122. 8
122.7
122.3
123.0
122. 9
122.6
123.4
Inter- Producmediate er Gnmateished
rials3
goods
95.3
95. 0
95.6
96. 9
98. 9
100.0
102.6
106.2
110.0
114. 3
111.0
111.0
111. 5
112.0
112.7
113. 3
113.8
114. 1
114.9
115.9
115. 9
115. 7
115.6
115.8
92. 2
92 4
93.3
94. 4
96. 8
100. 0
103. 5
106.9
111. 9
116 6
114. 2
115. 1
115. 6
115. 9
116. 0
116. 1
116. 3
116. 5
116. 8
117. 1
116. 9
117. 1
117. 0
117. 8
Consumer finished goods excluding food
DurNonable
durable
98. 3
94. 8
97. 8
95. 1
98.2
94.8
97. 9
95. 9
98.5
97. 8
100. 0
100. 0
102.2
102.2
104.0
105.0
107. 1
108. 2
110. 9
111 3
109. 9
109. 5
109.9
110.4
110. 5
110. 9
110. 8
110. 8
110. 4
110. 7
110. 5
110.5
110. 7
111. 0
110.7
111. 2
111. 0 ! 111. 6
111. 1
111. 8
110. 4
111. 9
111. 3
111. 7
111. 3
111.7
112. 6
111.8
* Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products, for further processing.
Source: Department of Labor.
2*7
PRICES RECEIVED AND PAID BY FARMERS
In the month ended January 15 # prices received b y farmers rose 3 % percent while prices paid were up 1 percent.
The actual parity ratio rose 1 point and the adjusted ratio rose 3 points.
PRICES PAID,
INTEREST, TAXES, AND
WAGE RATES
X-
PRICES RECEIVED
(ALL FARM PRODUCTS)
100
90
i • i • t I t t i i i I t t i i i I • . t i
t
I 80
RATION
90
90
PARITY RATIO ^
80
80
70
70
1965
1966
. i... 1 . . . . .
1968
1967
1970
1969
|
1971
J/RATtO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 191D-14-100 BASE.
SOURCE. DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by farmers
Period
1962
1963
1964
1965
1966
1967
1968
1969.
1970
1971
„_
All farm
products
96
96
93
98
105
100
103
108
110
112
Crops
103
106
106
103
105
100
101
97
100
108
Livestock
and
products
Prices paid by farmers
Ail items,
interest,
taxes, and
wage rates
Index, 1967=100
92
90
91
89
92
85
94
94
105
98
100
100
104
104
116
109
118
114
116
120
Family
living
items
Parity ratio'
Production
items
91
92
93
95
98
100
104
109
114
119
94
95
94
96
99
100
102
106
110
115
Actual
80
78
76
77
80
74
73
74
72
70
Adjusted«
83
81
80
82
86
79
79
79
77
74
1970: Dec 15_
104
99
108
116
116
112
66
72
1971: Jan 1 5 . .
Feb 15.,
Mar 15_.
Apr 15..
May 15_
June 15_
July 15.
Aug 15..
Sept 15
Oct 15_
Nov 15..
Dec 15..
106
112
111
111
113
113
113
113
111
113
114
116
102
105
107
108
111
114
111
108
104
106
108
109
110
117
114
114
114
113
114
117
117
118
119
121
117
118
118
119
120
120
120
120
120
121
121
122
116
117
117
117
118
119
119
120
120
120
120
121
112
113
114
115
115
116
116
116
116
116
117
117
68
70
70
69
70
70
70
70
68
69
70
71
72
75
74
74
74
75
74
74
73
74
74
75
1972: Jan 15 K
120
111
126
123
121
118
72
78
1
Pcrcentaco ratio of index of prices received by fanners to index of prices paid.
Interest, taxes, and w&ze rates on 1910-14=100 base.
»The adjusted parity ratio reflects Government payments made directly to
farmers.
28
«Not charted.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK
The seasonally adjusted money stock rose at a 2.7 percent annual rate in December following 2 months of virtual
stability and 1 month of decline. U.S. Government demand deposits returned to their high levels of late summer.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
250
250
100
1971
1965
SOURCEt BOARD O f GOVERNORS OP THE FEDERAL RESERVE SYSTEM
Period
1966: Dec...
1967: Dec.-.
1968: Dec...
1969: Dec...
1970: D e c .
1971: Dec*
1970:
Dec .
1971: Jan_.
Mar..
Apr.-.
May..
June..
July..
Aug__
Sept-.
Nov *
.
Dec * _
>
1
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
Money stock
Money stock
Time
Curand
Derency
mand savings
outTotal
dede- 1
side
posits 1
banks posits
171.7
183. 1
197.4
203.7
214.8
228.2
213.6
214. S
215.3
217. 7
219.7
221.2
223. S
225. 5
227.4
228.0
227. 6
227.7
227. 7
228. 2
Seasonally
38.3
40.4
43.4
46.0
49.0
52. 5
48.7
49.0
49.3
49.7
50.0
50.5
50.8
51. 1
51.6
51.7
51.9
52.2
52.2
52.5
adjusted
133.4
142. 7
154.0
157.7
165.8
175.7
164.9
165.8
166.0
168.0
169.7
170.7
173. 0
174. 5
175. 8
176.3
175.7
175. 5
175. 5
175.7
Deposits at commercial banks.
NOTE.—Effective June 9. I960, balances accumulated for payment of personal
Joans (about $1.1 billion) are excluded from time deposits and from loans at all
commercial banks.
158.1
183.4
204.2
194.1
228.9
269.9
224.2
228.9
234.4
240.2
245.4
248. 1
251.3
254.4
256.4
257. 3
259.6
263. 3
265. 3
269.9
176.9
18& 6
203.4
209.8
221.2
235.1
215. 4
221.2
221.4
215. 6
217.5
222. 3
219. 9
223.7
226.0
224.9
226.2
227. 5
229.6
235. 1
39. 1
41. 2
44. 3
46. 9
50. 0
53. 5
49. 2
50. 0
49. 1
49. 1
49. 5
50. 1
50. 5
51. 0
51. 9
51. 9
51. 9
52. 2
52. 8
53. 5
Unadjusted
137.8
147.4
159. 1
162.9
171. 3
181.5
166.3
171.3
172.3
166. 5
168.0
172. 3
169.4
172. 7
174. 1
173.0
174.3
175. 3
176.9
181.5
U.S.
Governsavings S ment
demand
dedeposits l
posits l
156.9
182. 1
203.2
193.2
228. 1
269.0
224. 1
228.1
233. S
239.6
246.2
248.5
251.4
253.8
255. 5
258.1
260. 3
2G4. 1
265.5
269. 0
3.4
5.0
5.0
5.6
7.3
6.7
5.7
7.3
6.8
8.4
5.5
5. 5
7.8
5.3
6.8
G.8
7.5
5. 3
3.9
6. 7
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Liquid asset holdings of the public (seasonally adjusted) registered a sharp $ 1 6 . 7 billion rise in December. The bulk
of the rise was due to increases in money and short-term U.S. Government securities.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED, END OF MONTH
900
900
800
800
700
700
600
600
500
500
SAVING TYPE
ASSETSJ/
400
u -—
400
300
300
DEMAND DEPOSITS AND
CURRENCY
REY
200
[ < Wl'H»
20Q
I I M
100
1966
100
I I 1 1 I t I
1968
1967
1969
1970
1972
1971
J/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
SOU«CE. »OA*D OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted]
End of period
1965
1966
1967
1968
1969
1970
1971 »
1970: Nov_.,
Dec—
1971: Jan,,_.
Feb._.
Mar...
Apr
May.,.
June.-.
July-.
Aug.Sept...
Oct....
Nov.
Dec »_.
Total
selected
liquid
assets
573.1
601.5
650,4
709.6
731.7
786.1
879. 7
773.8
786. 1
788. 9
796.6
815.8
815.5
824.8
836.6
836.3
841.7
851.5
856. 2
863.0
879. 7
Demand
deposits
and
currency *
164.1
168.6
180. 7
3
199. 2
206.8
207.6
222.3
201.5
207,6
202. 9
204.6
211. 6
206.3
212.5
218.4
213.8
215.0
214.4
214. 5
215,3
222. 3
Time deposits
Commercial
banks
savings
Postal
Savings
System
banks
147.1
159.3
183. 1
203.8
197, 1
234. 8
274.9
230.4
234.8
240.0
244.5
249.5
250. 2
252.3
254.7
256. 5
258.2
263.5
266. 5
272.4
274.9
•Agrees in concept with money stock, p. 29, except for deduction of demand
deposits held by mutual savings banks and savinps and loan associations. Data
for last Wednesday ol month. Data prior to July 1969 have not been revised to
conform to the money stock revision.
30
Mutual
Savings
and loan
deposits
and
shares
52.6
55,2
60.3
64.7
67. 3
71.5
81. 2
70. 9
71.5
72,2
73. 5
74.7
75.9
76.8
77.6
78.3
78.6
79.3
80.0
80.8
81. 2
0.3
.1
"I
100.8
113.4
123. 9
131,0
134. 9
145.7
173.5
144. 5
145. 7
14a 4
151,3
155.4
158.0
159.9
161.5
164.4
166. 1
169. 1
170. 6
172.4
173.5
U.S. Government
U.S. Gov- securities
ernment maturing
savings
within
bonds 2
one
year 3
50.5
50. 9
51. 9
52.5
52.4
52. 7
55. 1
52.2
52. 7
52. 8
52.8
53.0
53, 2
53.4
53.6
53. 8
54.0
54. 2
54.3
54.5
55. 1
48.6
53,9
50.5
58.5
7a 2
73.8
72.7
74.3
73.8
72.6
70,0
71.6
71,8
69.9
70.9
69.5
69.8
71.0
70.2
67.6
72.7
* Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Eeserve Banks, and beginning
February 1960, savings and loan associations.
a Estimates for Dec. 31.
NOTE.—See Note. p. 29.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Free reserves were $48 million in December, their first positive level since early 1968. Seasonally adjusted commercial
bank loans and investments rose at an 11.9 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
SEASONALLY ADJUSTED, END OF M O N T H
500
500
TOTAL
LOANS A N D INVESTMENTS
^000^
400
400
300
300
BANK LOANS
200 —
*
200
100
100
INVESTMENTS IN OTHER SECC RITIES
INVESTMENTS IN
U.S. GOVERNMENT SECURITIES
1'ff
111 f ! | |
1966
| | 1 ! ! ! 1 ! | \ 1 ! ! I I ! I 1 ! I I t ! ! t ! 1 1 ? 1 1 ! 1 1 I
1967
1968
1969
! I 1 ! 1 I ! ! \ 11
1970
\ f ! ! 1 1 1 I 1 1 ! i f f i ( ! i i \ 11
1971
1972
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
Bank
Weekly
debits
reporting
large com- outside
mercial New York
City (232
Investments
Total
banks
Loans,
End of period
centers),
loans
and excluding U.S. Gov- Other Commercial seasonally
invest- interernment securi- and indus- adjusted
bank
ments
securities
ties
trial loans annual
rates l
Billions of dollars
3
1966
_
316. 1
213.9
53.5
48.7
60. 7
3,421
1967
352.0
231.3
59. 3
61.4
65.8
5, 740
1968
390.6
258.2
61.0
71.4
73.1
4,354
1969 *
402. 1
279.4
51. 5
71.2
81. 5
5,163
1970
435.9
292.0
58. 0 5 85.9
81. 7
5,744
1971 p
482. 9 « 318. 6
60. 3
103. 9
83.8
6,436
5,710
56.3
83.0
79:9
290. 0
1970: Nov
„ 429. 3
435.9
292. 0
58.0
85.9
81. 7
5, 8S0
Dec
5,863
80. 1
1971: Jan
293.7
88. 1
440. 7
58. 9
295.7
60. 8
89.6
80.8
6, OSS
446. 1
Feb _ .
Mar
449.5
296.5
61. 1
91.9
81. 2
6,116
452.5
298. 2
60. 7
93.5
81. 1
6,302
Apr
60.4
95. 1
81.4
6,215
May
456. 1 5 300. 7
5
June .
301. 7
62. 8
96. 6
82.3
6,613
461. 1
July
463.7
304. 1
61.6
98. 0
81.6
6,623
Aug..
468.4
309. 7
60. 9
97.8
82.4
6,665
Sept »
472.4
313.0
59.9
99.5
83.5
6,697
Oct *p
476. 5
316.4
59. 1
101.0
83.1
6 AH
317.5
58.9
102.0
82.6
Nov
478.4
6,839
Dec *
>
_ 482.9
318. 6
60.3
103.9
83.8
6,776 1
Ail member banks 2
All commercial banks
(seasonally adjusted data)
1
Debits during period to demand deposit accounts except interbank and
U .S. Government. New series beginning January 1964.
* Averages of daily figures. Annual data are for December.
• New series; see Federal Reserve Bulletin, March 1967.
4
New series beginning June 1969; see Federal Etune Bulletin* August 1969.
J As of June 1971, Farmers Home Administration notes totaling about $0.7
million are classified as "other securities" rather than as "loans."
Total
reserves
BorrowFree
Excess ings at
reserves Reserve reserves
Banks
J
Millions o]' dollars
392
557
23, 830
345
23S
25, 260
455
765
27, 221
257
28, 031
1,086
272
321
29, 265
156
108
31, 316
425
120
28, 558
272
321
29, 265
370
279
30, 488
201
328
29, 8S0
199
319
29, 686
140
148 I
29, 885
312
330 ;
30, 419
131
453
30, 023
162
821 i
30, 547
198
804 !
30, 455
206
501 '
30, 802
207
360
30, 860
263
407
30, 953
156
108 :
31,316
-165
107
-310
-829
-49
48
-305
-49
-91
-127
-120
- 3
-IS
-322
-658
-606
-295
-153
-144
48
NOTE.—Effective June 1966, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
certain certificates of CCC and Export-Import Bank totaling about $1 billion a
included in other securities rather than in loans.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit rose by $31/2 billion in December/according to preliminary estimates. A year earlier the rise
was $3 billion. Consumer instalment credit (seasonally adjusted) rose by $800 million in December.
BILUONS OF DOUARS
140
BtLUONS OF DOUARS
140
TOTAL CONSUMER CREDIT OUTSTANDING
r i
i
I i i i
i i
i
i
i i
i I
i
I i
l
INSTALMENT CREDIT EXTENDED
1965
1971
5OU«C£, BOARD OF GOVESNOK OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Consumer credit outstanding (end of period;
Consumer instalment credit extended
unadjusted)
and repaid (seasonally adjusted)
Instalment
Total
Automobile paper
NonAutomoTotal
instal- Extended Repaid Extended Repaid
Total *
Personal
bile
ment 2
paper
loans
Period
1963
1964
1965
1966
1967..1968
1969
1970.
1971*
1970: Nov
Dec
COUNCIL OF ECONOMIC ADVISERS
_
.
1971: Jan. _J
Feb......
Mar
Apr
May
June.. __
Julv
Aug
Sept
Oct
Nov
Dec*
71, 739
80, 268
90, 314
97, 543
102, 132
113, 191
122, 469
126, 802
136, 800
123, 915
126, 802
55, 486
62, 692
71, 324
77, 539
SO, 926
89, 890
98, 169
101, 161
109, 200
99, 790
101, 161
22, 254
24, 934
28, 619
30, 556
30, 724
34, 130
36, 602
35, 490
38, 400
36, 011
35, 490
15, 618
17, 848
20, 412
22, 187
24, 018
26, 936
29, 918
31, 612
34, 400
31, 268
31, 612
16, 253
17, 576
18, 990
20, 004
21, 206
23, 301
24,300
25, 641
27, 600
24, 125
25, 641
63, 591
70, 670
78, 586
82, 335
84, 693
97, 053
102, 888
104, 130
118, 000
8,414
8,536
56, 825
63, 470
69, 957
76, 120
81, 306
88, 089
94, 609
101, 138
109, 950
8,716
8,515
22, 126
24, 046
27, 227
27, 341
26,667
31, 424
32, 354
29, 831
34, 900
2, 127
2,170
125, 077
123, 815
123, 604
125, 047
126, 025
127, 388
128, 354
129, 704
130, 644
131, 606
133, 263
136, 800
100, 101
99, 244
99, 168
100, 028
100, 692
101, 862
102, 848
104, 060
104, 973
105, 763
107, 097
109, 200
35, 004
34, 869
35, 028
35, 496
35, 819
36, 349
36, 763
37, 154
37, 383
37, 759
38, 164
38, 400
31, 455
31, 396
31, 504
31, 773
32, 041
32, 351
32, 680
33, 134
33, 420
33, 575
33, 977
34, 400
24, 976
24, 571
24, 436
25, 019
25, 333
25, 526
25, 506
25, 644
25, 671
25, 843
26, 166
27, 600
8,916
9,081
9,533
9,751
9,690
9,715
9, 675
10, 049
10, 156
10, 031
10, 572
10, 700
8,829
8,979
9,038
9,088
9,197
9,190
8, 914
9,222
9,157
9,107
9,306
9,900
2,461
2,687
2, 897
2,872
2,756
2,838
2,773
3,004
3, 147
2,992
3, 162
3, 150
1
Also includes other consumer goods paper, and repair and modernization
Joans, not shown separately.
2
8 Consists of single-payment loans, charge accounts, and service credit.
End of period, unadjusted.
32
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses z
182, 200
19, 254
197, 600
21, 369
212, 900
23, 543
223, 600
25, 404
236, 100
26, 499
251,200
28, 018
266, 800
29, 882
2S0, 200
30, 943
307, 500
32, 000
2, 577
280, 200
2,618
2,623
2,636
2,696
2,566
2,640
2, 678
2, 565
2,697
2,732
2,634
2,662
2,850
283, 600
290, 900
299, 500
307, 500
* Preliminary; by Council of Economic Advisers.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Lofin Bank Board.
BOND YIELDS AND INTEREST RATES
Mortgage yields fell in December for the fourth month in a row. Virtually all interest rates declined in December
and early January, and the drop was particularly sharp for 3-month Treasury bill rates.
PERCENT PER A N N U M
PERCENT PER ANNUM
10
10
CORPORATE Aaa BONDS
{MOODY'S)
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCE. SEE TABLE BELOW
Period
1964.
1965,.
1966
1967
1968
1969,
1970__
1971
1970: Nov
Dec
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ended:
1971: Dec 17__
1972: Jan
31._
7°.
14 66 .
21 _
28 6 -
[Percent per annumj
High-grade
U.S. Government security yields
municipal
o-month
bonds
3-5 year
Taxable
Treasury
(Standard4 &
bonds 3
issues2
bills »
Poor's)
3. 549
3.22
4. 06
4. 15
;{. 954
3. 27
4.22
4. 21
4. S81
3.82
5. 16
4. 65
4.321
3.98
5.07
4.85
5. 339
5.26
4.51
5.59
6. 677
6. 12
5.81
6.85
6.458
6.58
6. 51
7.37
4. 348
5.74
5.70
5.77
6.20
6.24
6.37
5. 288
5.97
5.71
4. 860
5. 86
5.70
5.92
4.494
5.72
5. 84
5. 55
:j. 773
5. 31
5.44
4. 74
5. 71
3. 323
5. 65
3. 7S0
5.42
5. 75
4. 139
6.02
5.96
6. 14
5. 94
4. 699
6.36
6. 22
5.405
6.77
5.91
6. 31
5.78
5. 078
6.39
5.95
5.56
4.668
5.96
5. 52
4.489
5. 68
5.46
5.24
4. 191
5.50
5.48
5. 30
4. 023
5.42
5.62
5. 36
5.45
5.43
5.27
5.31
5.20
5.32
5.47
3.944
4. 023
3.731
3. 735
3. 109
3.276
3.493
* Hate on new issues within period.
2
5. 63
5.68
5. 60
5. 61
5.57
5. 61
5. 66
Selected note and bond issues.
.„* ^iOV W1 VMO *»«*.„*,, .^JV« «« — ~~.~*
permissible Interest rate
(7 percent beginning February 18,1971) and 30-year mortgages paid In lfi years.
5.37
5.28
5. 18
5. 16
5.15
5.31
5.39
Corporate bonds
(Moody's)
Aaa
4.40
4.49
5.13
5.51
6.18
7.03
8.04
7. 39
8.05
7.64
7.36
7. 08
7. 21
7.25
7.53
7. 64
7.64
7.59
7.44
7. 39
7.26
7. 25
7.24
7.23
7.22
7.19
7. 17
7.16
7.22
Baa
4.83
4.87
5. 67
6.23
6.94
7.81
9. 11
8.56
9.38
9. 12
8.74
8. 39
S.46
8.45
8.62
8.75
8.76
8.76
a 59
a 48
8.38
8.38
8.39
8.36
8.31
8.28
a 21
a is
8.24
Prime
FHA
commercial
new homo
paper,
mortgage
4-6
yields 5
months
3.97
5. 45
4.38
5. 46
5.55
6.29
5.10
6.55
5.90
7.13
7.83
a 19
7.72
9.05
5. 11
7.78
6. 30
8.97
5. 73
8.90
5. 11
8.40
4. 47
4. 19
7.32
4.57
5.10
7.37
5. 45
7.75
7. 89
5. 75
7.97
5.73
7.92
5.75
7.84
5.54
7.75
4.92
7.62
4.74
4.75
4.75
4. 50
4.38
4.10
3.98
3.88
• Not charted.
Sources: Treasury Department, Board of Governors of the Federal Keserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The stock markef rallied in December, and the rising trend has continued into January,
Index, 1941-43=10
Index, 1941-43^10
WEEKLY
120
120
no
110
COMPOSITE PRICE INDEX FOR
.
500 C O M M O N STOCKS
100
AA
/\i\f
100
90
90
80
30
70
70
1 I I I I i i i, ; I I I i t I 1 1 1 I 1 M 1 I M i I I l I t I I I M t t l I I 1 t 1 1 1 1 I 1 1 I I 1 I 1 I 1 1 M 1 ! ! 1 I 11 1 1 1 I 1 I I 1 I 60
PERCENT
PERCENT
MONTHLY
DIVIDEND YIELD O N COMMON STOCKS
i i 1 i t i i i 1 t i i i i I i i i i i I M M i [ t t i I i I i n i i I M n
i I i i i i i I n
M
PRICE/EARNINGS RATIO O N C O M M O N STOCKS
15
10
1971
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE. STANDARD & POOR'S CORPORATION
Price index
Industrials
Period
1960
1967
1968
1969
1970
1971"
1970: Dec
1971: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.__
Nov
Dec
Week ended:
1971: Dec 1724_
31_
1972: Jan 7<
144
Total
85.26
91.93
98.70
97.84
83,22
98. 29
90. 05
93.49
97. 11
99. 60
103. 04
101. 64
99. 72
99. 00
97. 24
99.40
97,29
92. 78
99.70
98.84
101. 32
101. 80
102. 76
103. 39
103. 83
103. 10
Total
91.08
99, 18
107. 49
107. 13
91. 29
108. 35
98.72
102. 22
106, 62
109. 59
113. 68
112. 41
110. 26
109. 09
107. 26
109. 85
107. 28
102. 21
109. 67
Capital
goods
Consumers'
goods
1941-43=-10
84. 80
74. 10
96. 96
79. 18
86.33
105, 77
87.06
103. 75
80. 22
87.87
99.76
102. 83
88. 69
92, 12
91. 72
95.97
95. 38
101. 58
104. 69
98. 54
109. 38
102. 41
108. 61
101. 96
105. 46
100, 96
102. 48
100. 55
100. 90
99. 82
104. 55
103. 34
100. 66
101. 31
95. 51
97.47
103. 78
103. 92
Public
utilities
08. 21
68. 10
66.42
62. 64
54. 48
59.33
59. 96
63.43
62. 49
62.42
62. 00
59. 20
57. 90
60.08
57. 51
56.48
57.41
55. 86
57.07
Railroads
46. 34
46. 72
48. 84
45, 95
32. 13
41.94
32. 95
36. 64
38. 78
39.70
42. 29
42.05
42. 12
42.05
43.55
47. 18
44. 58
41. 19
43. 17
Dividend
yield '(percent)
3. 40
3.20
3.07
3.24
3. 83
3.14
3.46
3.32
3. 18
3. 10
2. 99
3.04
3. 10
3. 13
3. 18
3. 09
3. 16
3. 31
3. 10
Price/
earnings
ratio 3
14,92
17.52
17.20
16.57
15.91
17.22
18. 11
17.43
~17.~69
109. 33
103. 46
103. 53
56. 63
3. 12
43.25
112. 21
107. 98
106. 19
57.27
43. 77
3. 02
112. 54
107. 79
106. 35
58-84
44. 10
2. 99
113.48
108. 57
106. 73
60.22
44.72
2. 97 !
114. 11
108. 93
107. 23
61.03
44. 88
2.95 !
114. 72
HO. 25
106. 69
GO. 43
45. 35
2. 94 I
113.99
28 4
111.02
105.13
59. 29
45. 48
2.99 I
1
Includes 500 common stocks; 425 industrials, 65 public utilities, and 20 rail- are averages of monthly data. Weekly data are Wednesday figures.
roads. Weekly indexes for capital and consumer goods are Wednesday figures* Eatio of price index for last day in quarter to quarterly earnings (seasonally
allJ other weekly indexes are averages of daily figures.
adjusted annual rate). Annual ratios are averages of quarterly data.
4
Aggregate cash dividends (based on latest known annual rate) divided by
Not charted.
the aggregate monthly market value of the stocks in the group. Annual yields
Source: Standard & Poor's Corporation.
34
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
The estimated budget deficit for fiscal 1972 is $ 3 8 % billion. For fiscal 1971 the deficit was $23 billion.
BILLIONS OF DOLLARS
260 I
RECEIPTS AND OUTLAYS
BILLIONS OF DOLLARS
260
220
220
OUTLAYS
(EXPENDITURES A N D NET LENDING)
180
180
140
140
100
I
(ENLARGED SCALE)
+20
SURPLUS (+) OR DEFICIT { - )
(ENLARGED SCALE)
+20
-
EXPENDITURE ACCOUNT
P
—"""" m "^Z
"V
\
J
-20
-
-20
BUDGET
I
-40
1
I
1
1963
1962
1964
1965
|
i
[
1967
1968
FISCAL YEARS
1966
2/ ESTIMATE
SOURCES* TREASURY DEPARTMENT ANO OFFICE OF MANAGEMENT AND BUDGET
t
1969
i
1970
-40
1971
1972^
1973^
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Receipts
Fiscal year:
1961
1962 . .
1963
1964 .
1965 mtm
1966
1967 ___
1968
1969
1970,.
1971
19725..
1973 s
.
94.4
99.7
106.6
112.7
116.8
130.9
149.6
„_
_
Cumulative totals for
first 5 months:
Fiscal year 1971
Fiscal year 1972
_
197.8
220. 8
96.6
104.5
111.5
118.0
117.2
130.8
153.2
172.8
183.1
194.5
210.3
235.6
246.5
72. 1
76.0
88.2
93.5
153.7
187.8
193.7
__
isa 4
i
Expenditures
1
Excludes non-interest-bearing public debt securities bold by IMF.
'Surplus of $3C million.
1
Estimates.
Loan
account
Receipt-expenditure account
Period
Surplus or
deficit ( - )
Net
lending
Total
surplus or
deficit ( - )
Federal debt
(end of period)
Total1
-21.9
-37.8
-25.7
2. 1
1. 1
1.0
-.2
-2.8
-23.0
-38.8
-25. 5
292.9
303.3
310.8
316.8
323.2
329. 5
341.3
369. 8
367.1
382.6
409.5
455.8
493.2
-16. 1
-17.6
.4
.5
-16.5
-18.1
395.3
424 6
-2.2
-4.8
-4 9
-5.4
(3)
-3.6
-19.1
47
-.7
1.2
2.4
-.1
.5
1.2
3.8
5.1
6.0
1.5
-3.4
7.1
-4 8
-5.9
-1.6
-3.8
-8.7
-25.2
3.2
Held by
the public
238.6
248.4
254 5
257.6
261.6
264 7
267.5
290.6
279.5
284.9
304 3
343.8
371.3
298.1
317.4
Sources: Treasury Department and Office of Management and Budget.
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
For fiscal 1 9 7 2 budget receipts are estimated at %91A billion more than fiscal 1971 and outlays, at $25 billion higher,
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
RECEIPTS
100
100
80
80
INDIVIDUAL INCOME TAXES
60
60
40
40
20
20
CORPORATION INCOME TAXES
1
180
!
1
0
180
OUTLAYS
(EXPENDITURES AND NET LENDING)
160
160
140 -
140
120
120
100, - -
- 100
80
•
-1!
0
^000I0^ ^
—
40
1962
1963
—
f
-
1964
NATIONAL DEFENSE
60
- * -
1
1
1965
t
1966
1
t
1967
1968
FISCAL YEARS
i
1969
i
1970
r
1971
i
1972J/
K
40
1973J/
1
J/ESTIMATE
SOUtOS, TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL O f ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Outlays
National defense
Period
Fiscal year:
1961
1962
1963
1964
_
1965 .
1966...
1967
„
1968
1969
1970
1971
19722
1973 2 .
Cumulative totals for
first 5 mouths:
Fiscal year 1971,..,.
Fiscal year 1972,..
* Expenditure account.
»Estimates.
36
Total
Individual Corporation
income
income
taxes
taxes
Other
Total
Total
Department of
Defense,
military !
Interna- Health
tional
Inand
affairs income terest Other
and
finance security
94,4
99.7
106.6
112,7
116.8
130.9
149.6
153.7
187.8
193. 7
188.4
197.8
220,8
41.3
45.6
47.6
48.7
48.8
55.4
61.5
68. 7
87.2
90.4
86.2
86.5
93.9
21.0
20.5
21.6
23.5
25.5
30. 1
34.0
28.7
36.7
32, 8
26.8
30. 1
35. 7
32. 1
33.6
37.4
40.5
42. 6
45. 3
54. 1
56.3
63,9
70. 5
75.4
81.2
91. 2
97.8
106.8
111. 3
118.6
118.4
134. 7
158. 3
178.8
184.5
196.6
211.4
236. 6
246.3
47.4
51. 1
52.3
53.6
49.6
56.8
70. 1
80,5
81. 2
80.3
77,7
78.0
78.3
43.3
46. 9
48. 1
49.6
46, 0
54,2
67.5
77.4
77.9
77. 2
74.5
75.0
75,9
3.4
4.5
4. 1
4. 1
43
4,5
4.5
4.6
3. 8
3. 6
3. 1
4. 0
3.8
22.1
23. 7
25. 5
26.8
27.4
31.5
37.8
43. 7
49.3
56. 7
70. 2
82. 2
87. 8
8. 1
8,3
9.2
. 9.8
10.4
11,3
12. 6
13. 7
15.8
18. 3
19. 6
20. 1
21. 2
16.8
19.2
20.3
24.2
26.7
30,6
33.2
36.2
34.4
37.7
40.9
52.3
55.2
72. 1
76.0
36.3
36.4
6.8
6.9
29. 1
32.7
88.6
94. 1
31.7
29.0
30.8
28.2
1.2
1.6
27,0
31.7
7.9
8. 3
20.7
23.4
Sources: Treasury Department and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
According to preliminary estimates for the fourth quarter. Federal expenditures increased nearly $5 billion (seasonally
adjusted annual rate). Receipts data are incomplete. For calendar 1971 as a whole, receipts are estimated to be
SVA billion higher than in 1970 and expenditures nearly $17 billion higher, yielding a deficit of more than $23 billion.
BILLIONS OF DOLLARS
240
BILLIONS OF DOLLARS
240
SEASONALLY ADJUSTED ANNUAL RATES
220
220
200
180
200
•
EXPENDITURES
180
X
160
160
RbChlNti
140
140
120
120
100 1.
+20
I
1
1
1
t
1
1
!
1
t
1
1
1
!
I
\
1
1
1
1
1
100
.IS
SURPLUS
DEFICIT
-20
-20
1965
1966
1968
CALENDAR YEARS
1967
1970
1969
1971
COUNCtt. OF ECONOMIC ADVtSEtt
SOURCE. DEPARTMENT O f COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal vear:
1967
1968
1969___
1970
1971 *_„
19721.
1973 i _
Calendar
year:
1967
1968 .
1969_
1970.
1971 *_„
Persona]
tax and
nontax
receipts
Corporate
profits
tax
accruals
Subsidies Less:
GrantsPurin-aid
less
Wage
Indirect Contrichases Trans- to State Net
current accruals
business butions
Total of goods fer pay- and interestlsurplus of less
for
tax and
nontax social inand
ments local
paid | Governdisservices
government en- burseaccruals surance
ments
terprises ments
Surplus
or
deficit
(-),
income
and
product
accounts
147. 2
160. 6
190. 3
194.6
194. 0
202. 8
227. 9
64. 5
71. 4
90.0
93. 8
87. 7
91. 3
98. 3
31.2
33.7
37.3
32.8
32.5
33.0
40.7
15. 8
17. 1
18.6
19. 2
20.3
19.8
20.7
35.7
38.3
44.3
48.8
53. 5
58.7
68. 2
154. 5 85.3
172.5 94 9
185.9 99. 3
197. 2 99. 2
212.4 95.3
237.8 103.0
255.9 107.0
39.4
44 8
50.7
56.9
69.9
.79.8
87.4
14. 8
17.8
19.4
22.6
27. 0
36.2
40.6
9.9
10.9
12.3
14 0
14 2
13.4
14.8
5.1
41
. 41
4.6
5.9
5.4
6.0
0.0
.0
.0
.1
!0
o
.
-7.3
-11.9
44
-2.7
-18.4
-35. 0
-28.0
151. 2
175. 0
196. 9
191. 5
198.7
67. 5
79. 7
94. 9
92. 2
89.0
30.7
36.7
36.3
30.6
33.5
16.3
18.0
19.0
19. 3
20.2
36. 7
40.7
46.8
49. 3
56.0
163. 6
181.5
189.5
205. 1
222.0
90.7
98.8
99. 2
97.2
97.6
42. 2
48.2
52.4
63.4
75.9
15. 8
,18.7
20.3
24 4
29.7
10. 2
11.7
13. 1
14 6
13.7
4 0
41
46
5.5
5.0
.0
.0
.0
.0
.0
-12.4
-6.5
7. 3
-13.6
-23.3
1970:1
II
III
IV..
191. C
193. 81
191. 3
189. 3
93.
94.
89.
91.
8
5
7
0
30.6
30.9
31.9
29.0
10. 0
19. 1
19.7
19. 4
48.2
49.2
50.0
49. 8
196. 1 100.2
207.9 96.8
206.7 96. 1
209.8 95.9
56. 1
65.3
64 6
67.5
23.0
23. 9
24 9
25. 9
14 3
14 3
15. 0
14 8
5.0
5.5
5.8
5.7
2.5
-2. 1
—. 4
.0
-4.5
-14 1
-15.4
— 20. 5
1971:1.
II"
III.
IV *
196. 5
197. 7
197. 8
86. 6
87. 6
88. 8
93.0
34.1
34 8
20.7
19.9
33.2
19.7
20.7
55. 1
55.5
56. 1
57.2
212.7 96.4
221.4 96.0
224 6 97.6
229.4 100.6
69.6
77.8
78.0
78.2
27.0
29.5
30.2
32.0
14 0
13.3
13.9
13.8
5.8
48
48
47
.0
.0
.0
.0
-16.2
— 23. 7
— 26. 7
Estimates.
I
•i
37
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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. Balances on Goods, Services, and Transfers
U.S. Overall Balances on International Transactions
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
—
10
11
12
13
14
15
^—
--
29
30
31
32
33
34
35
36
37
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16
17
18
19
20
21
22
23
24
25
26
27
28
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and
not available.
38
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U.S. GOVERNMENT PRINTING OFFICE; 1972
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