Full text of Economic Indicators : January 1974
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Economic Indicators
Prepared for the Joint Economic Committee by the
1
J
of
J
Council of Economic Advisers
9/
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1974
JOINT
(Created pursuant to Sec. 500 of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
WILLIAM PROXMERE, Wisconsin, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
HUGH L. CAREY (New York)
WILLIAM B. WIDNALL (New Jersey)
BARBER B. CONABLE, Jr. (New York)
CLARENCE J. BROWN (Ohio)
BEN B. BLACKBURN (Georgia)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
ABRAHAM RIBICOFF (Connecticut)
HUBERT H. HUMPHREY (Minnesota)
LLOYD M. BENTSEN, Jr. (Texas)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
JAMES B. PEARSON (Kansas)
RICHARD S. SCHWEIKER (Pennsylvania)
JOHN R. STARK, Executive Director
LOUGHLIN F. McHuGH, Senior Economist
COUNCIL OF
HERBERT STEIN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—Isr SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators**
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be 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 5 5 cents a single copy
or by subscription at $6.50 per year ($1.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
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price is $3.60 additional per year.
11
TOTAL
INCOME,
Gross national product increased $29.5 billion in the fourth quarter to a seasonally adjusted annual rate of $1,334.0
billion, according to preliminary estimates. The increase for the third quarter was $32.5 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
CJovernme nt
Persons
E xpenditur es
N et receipts
Disposab le persona 1 income
Surplus
or
Equals: Personal sonal
Less:
Less:
Equals: deficit
Tax
Total consump- saving
TransTransPurand
excludfers,
fers, Equals: Total
or
tion
nontax interest,
income
ing
expend- interest, ofchases
Net
expenddisgoods
receipts
and
interest itures saving
and
and receipts itures
and
or
product
and
subsubaccruals sidies *
transsidies 2 services accounts
fers
Pm-
Total 1
Less:
Interest
paid and
transfer
payments
to foreigners
1968
1969
1970
1971
1972 _ _
1973*
591. 0
634.4
691. 7
746. 0
797. 0
882. 6
15. 1
16. 7
17. 9
18. 7
20.7
23. 7
575. 9
617. 7
673. 8
727.3
776. 2
858. 8
536. 2
579. 5
617. 6
667. 2
726. 5
805. 0
39. 8
38. 2
56. 2
60. 2
49. 7
53.8
263. 5
296.7
302. 5
322. 0
368. 2
419.0
70. 7
77. 9
93. 2
105. 9
115. 9
130.2
192. 7
218.8
209.4
216. 2
252. 2
288.8
270. 3
287. 9
312. 7
340.2
370.9
470.4
70.7
77.9
93.2
105.9
115.9
130.2
199. 6
210. 0
219.5
234.3
255. 0
277.2
-10. 1
-18. 1
-2.8
11. 6
1972: I _ _ _
II-.I I I __
772. 8
785. 4
800. 9
828. 7
19. 8
20. 3
21. 0
21. 7
753. 1
765. 1
779. 9
807. 0
700. 2
719. 2
734. 1
752.6
52. 9
45. 9
45. 8
54. 4
356.8
363.4
370. 6
381.9
111. 9
113. 0
113. 9
125. 0
244. 9
250. 4
256. 7
256.9
362. 2
367.2
368. 5
385. 7
111. 9
113.0
113.9
125. 0
250. 3
254. 2
254. 7
260. 7
-5.4
-3.9
2. 0
-3.8
1973: I
II —
III—
IV"__
851. 5
869. 7
891. 1
918.0
22. 1
23. 1
24. 1
25. 6
829. 4
846. 6
867. 0
892. 4
779. 4
795.6
816. 0
829. 0
50. 0
51.0
51. 1
63.3
402. 7
414. 7
425. 0
125. 2
127.8
131.7
136.1
277.5
286. 9
293.3
393.8
403.2
410. 7
421. 9
125.2
127.8
131.7
136.1
268.6
275.3
279.0
285.8
11. 6
14. 3
Period
Business
1968 _
1969
1970
1971
1972
1973*
_
95. 4
97. 0
97.0
111. 8
124. 4
134. 7
126. 0
139. 0
136. 3
153. 2
178. 3
201. 5
-30. 6
-42. 0
-39.3
— 41. 4
-53. 9
-66. 8
2 9
2.9
3. 2
3. 6
3. 7
3. 6
50. 6
55. 5
62. 9
66. 3
73. 5
101. 3
48. 1
53. 6
59. 3
65. 5
78. 1
96. 7
2. 5
1. 9
3. 6
.8
-4. 6
4. 6
1972: I
II
III
IV
117.
124.
124.
131.
4
1
5
6
167. 5
174. 7
181. 5
189. 4
-50. 1
-50. 5
-57. 0
-57.8
3. 9
3. 8
3. 8
3. 5
70. 3
69. 9
74. 0
79. 7
75. I
75. 6
77. 7
83. 2
— 5. 5
-5. 7
-3. 8
-3. 5
1973: I
II
III
131. 5
132. 0
136. 9
194. 5
198. 2
202. 0
211. 2
-63.0
-66. 2
-65. 1
3. 0
3. 3
3. 5
4. 4
89. 7
97. 2
104. 5
113. 5
89. 7
94. 4
97. 0
105.6
.0
2. 8
7. 6
8.0
IV
1
Personal income (p. 5) less personal tax and nontax payments (fines, penalties,
etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, subsidies less current surplus of government
enterprises, and disbursements less wage accruals.
3
Capital consumption allowances, corporate inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
Does not include retained earnings of unincorporated business, which are included
in disposable personal income.
8.8
8.9
Iriternation al
Net
Net e xports of goods
transfers
a nd service s
Excess of Total
Gross
Excess
to forGross
transfers income
of
private
retained domestic invest- eigners
or
or
by perearn-3
receipts
Equals: of net
ment
investLess:
sons and Exports Imports
exports
Net
ings
ment 4
(-)
Governexports
(-)5
ment
Period
-6.8
0. 4
866. 9
1. 0
936. 3
983. 5
-. 4
2. 8 1, 058. 8
8. 4 1, 156. 6
— 1. 0 1, 285. 9
Statistical
discrepancy
Gross
national
product
or
expenditure
-2. 7
-6. 1
-6. 4
-3. 4
-1. 5
2. 3
864.
930.
977.
1, 055.
1, 155.
1, 288.
2
3
1
5
2
2
2
4
9
1
-6. 7
-1. 0
1. 6
.2
1,
1,
1,
1,
112.
142.
166.
199.
5
4
5
2
3. 0 1, 241. 4
. 5 1, 268. 9
-4.0 1, 300. 8
-3.5
1. 1
3. 2
3. 7
1, 242.
1, 272.
1, 304.
1, 334.
5
0
5
0
9. 4
9. 4
7. 6
7. 0
1,
1,
1,
1,
119.
143.
164,
199.
4
Private business investment, purchases of capital goods by private nonprofit
institutions,
and residential housing.
5
Net foreign investment less capital grants received by United States, with
sign changed.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the fourth quarter, gross national product (seasonally adjusted) rose at an annual rate of 9.4 percent, reflecting c
inflation rate of 7.9 percent and an increase of 1.3 percent in real GNP.
BILLIONS OF DOLLARS
1,400
BILLIONS OF DOLLARS
1,400
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
1,000
1,000
800
600
•GOVERNMENT PURCHASES
OF GOODS AND SERV! CES
\
\
\
h— — i
^•r-
200
....
•••••••..»«•••••«"•"""""'"
_tjSry&-jllf**'-**>?'-£a*rjfte^K^*
•"EXPORTS "OF GOO DS
AND SERVICES
\
1
!
1967
i
1968
-
GROSS PRIVATE DOMESTIC
NVESTMENT
1
i
1971
1970
1969
! ..
1972
1964_ _
_
1965
1966
1967
1968
1969
1970___
_ __
1971
1972
1973"
1972: I
II
III
IV
1973: I
II
III
IV*
Total
Personal Gross
congross
Total
private
sump- domestic
national, gross
product national tion
investin 1958 product expend- ment
itures
dollars
Billions <3f dollars ; quarterly
632.4
581. 1
617. 8
684. 9
658. 1
749. 9
675. 2
793. 9
864. 2
706. 6
725. 6
930. 3
72%. 5
977. 1
745.4 1, 055. 5
790. 7 1, 155. 2
837. 3 1, 288. 2
1, 112. 5
1, 142. 4
1, 166. 5
1, 199. 2
1, 242. 5
1, 272. 0
1, 304. 5
844*1 1, 334. 0
768. 0
785. 6
796. 7
812.3
829.3
834.3
841.3
401.2
432. 8
466. 3
492. 1
536. 2
579.5
617.6
667.2
726. 5
805. 0
700. 2
719. 2
734. 1
752.6
779.4
795.6
816.0
829.0
94.0
108. 1
121.4
116. 6
126. 0
139. 0
136. 3
153. 2
178.3
201. 5
167. 5
174. 7
181. 5
189.4
194.5
198. 2
202.0
211.2
* This category corresponds closely with budget outlays for national defense,
shown on p. 36.
a Gross national product in current dollars divided by gross national product
la 1958 dollars.
\
0
\
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
200
Government
Net
exports
of goods
Total
and
Total
services
Durchases of good s and
Implicit
services
price
Federal
State deflator
for
total
National1 Other and
GNP, 2
local
defense
1958=100
data at g5easonall y adjustssd annual rates
128. 7
137. 0
156. 8
5. 2 180. 1
2. 5 199. 6
1.9 210. 0
3.6 219. 5
.8 234. 3
-4. 6 255. 0
4. 6 277.2
-5. 5 250. 3
-5. 7 254. 2
-3. 8 254.7
-3.5 260.7
. 0 268. 6
2.8 275. 3
7.6 279.0
8.0 285.8
8. 5
6.9
5.3
65. 2
66. 9
77. 8
90. 7
98. 8
98. 8
96. 2
98. 1
104. 4
106. 9
106. 0
106. 7
102. 3
102. 7
105.5
107. 3
106.8
107.8
50.0
50. 1
60. 7
72. 4
78. 3
78. 4
74. 6
71.6
74. 4
74.2
76. 5
76. 6
71. 9
72.4
74.3
74.2
74.2
74.0
Source: Department of Commerce.
15. 2
16. 8
17. 1
18. 4
20. 5
20. 4
21. 6
26.5
30. 1
32. 7
29. 5
30. 1
30. 4
30.3
31. 2
33. 1
32.7
33. 8
63. 5
70. 1
79. 0
89. 4
100. 8
111. 2
123. 3
136. 2
150.5
170.3
144. 3
147. 5
152.4
158.0
163. 0
168. 0
172.2
178. 0
108. 85
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 60
146. 10
153. 86
144. 85
145. 42
146. 42
147. 63
149. 81
152.46
155. 06
158. 04
NATIONAL INCOME
\. $29 billion (seasonally adjusted annual rate) rise in national income in the third quarter reflected large increases
employee compensation, farm proprietors' income, and corporate profits plus inventory valuation adjustment. AH
major sources of non-corporate income increased further in the fourth quarter.
BILLIONS OF DOLLARS
1,100
BILLIONS OF DOLLARS
1,100
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
900
900
TOTAL NATIONAL INCOME
800
800
700
700
COMPENSATION OF EMPLOYEES
\
^3
—^|I .—
600
^«**>**
600
I
500
500
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
100
NET INTEREST
I
T:
1967
I
1968
1969
1971
1970
I
1972
1973
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Total
national
income
Compensation
of em- 1
ployees
Proprieto rs' income
Farm 2
Business
and professional
Rental
income
of
per-
Net
interest
518. 1
564. 3
620. 6
653. 6
711. 1
766. 0
800. 5
859.4
941. 8
1, 054. 2
365.7
393.8
435. 5
467. 2
514. 6
566. 0
603. 9
644. 1
707. 1
785. 3
12.1
14.8
16. 1
14.8
14.7
16.7
16. 9
16.8
20.2
26. 8
40.2
42.4
45. 2
47.3
49. 5
50.5
50. 0
51. 9
54. 0
57. 5
18.0
19.0
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
15.8
18.2
21. 4
24, 4
26. 9
30. 5
36.5
42. 0
45. 2
50. 4
1972: I
II
III
IV
911.
928.
949.
978.
0
3
2
6
684. 3
699. 6
713. 1
731. 2
19.5
19.9
19. 8
21. 8
53. 1
53. 3
54. 3
55. 3
24. 1
22. 6
24. 9
24. 9
1973: I _ _
II...
III
IV*
1, 015. 0
1, 038. 2
1, 067. 4
757. 4
774. 9
794.0
815. 0
24. 3
24. 4
27. 1
31. 3
56. 3
57. 1
57. 9
58. 7
24. 7
24. 6
25. 3
25. 7
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973"
1
2 Includes
employer contributions for social insurance. (See also p. 4.)
Excludes farm profits of corporations engaged in fanning and therefore differs
"rom net farm income (including net inventory change) on p. 6 which includes
ich profits.
Corpora be profits and inventory va luation acIjustment
Total
66.3
76.1
82. 4
Profits
before
taxes
Inventory
valuation
adjustment
84. 3
79. 8
69.2
80. 1
91. 1
109.2
66.8
77.8
84. 2
79. 8
87. 6
84. 9
74. 0
85. 1
98. 0
126. 5
-0.5
-1.7
-1. 8
— 1. 1
— 3. 3
-5. 1
-4.8
-4.9
-6.9
-17.3
43. 9
44. 8
45. 7
46. 6
86. 2
88. 0
91. 5
98.8
92. 8
94. 8
98. 4
106. 1
-6. 6
-6. 7
-6.9
-7.3
47.9
49. 4
51. 1
53. 0
104.3
107.9
112.0
119. 6
128.9
129. 0
-15.4
-21. 1
-17.0
-15.6
Source: Department of Commerce.
7a 7
OF
Personal Income rose $10.2 billion (seasonally adjusted annual rate) in December. Wages and salaries increas
$5.9 billion. Farm income was $0.8 billion more than in November. The upward trend in dividend disbursements,
together with year-end extras and specials, resulted in a $1.1 billion rise in December.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1200
1,000
1,000
200
200
1967
SOURCE: DEPARTMENT OF COMMERCE
Period
1966
1967
1968
1969
1970
1971
1972
1973*
1972: Nov__
Dec
1973: Jan
Feb
Mar
Apr
May...
June
July.___
Aug
Sept
Oct
Nov
Dec*___
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Other ProprietcDrs' income income
Total
and
Transfer
Divi- Personal
labor 2
personal salary
Business
interest
payof
dends
income disburseFarm
income *
and pro- persons
income ments
1
ments
fessional
587. 2
629. 3
688. 9
750.9
808. 3
863. 5
939.2
1, 035. 5
977.6
983.6
989. 1
997. 4
1, 003. 3
1, Oil. 6
1, 018. 7
1, 026. 6
1, 035. 6
1, 047. 3
1, 058. 5
1, 068. 5
1, 079. 4
1, 089. 6
394. 5
423. 1
464. 9
509. 7
542. 0
573. 3
627. 8
691. 5
648. 4
654.0
661. 7
667. 2
671. 1
677. 6
682.0
688.2
693. 2
698. 9
706.0
711.2
717. 8
723. 7
20. 7
22. 3
25. 4
28. 4
32. 2
36. 6
40. 7
44. 9
42. 3
42. 7
43. 0
43. 3
43. 6
43. 9
44. 2
44. 5
44. 8
45. 3
45. 8
46. 2
46. 7
47. 1
16. 1
14. 8
14. 7
16. 7
16. 9
16. 8
20.2
26. 8
22. 4
22. 3
24. 0
24. 3
24. 6
24. 2
24. 4
24. 6
25. 9
27. 1
28. 3
29. 9
31. 6
32. 4
45. 2
47. 3
49. 5
50. 5
50. 0
51. 9
54. 0
57. 5
55. 1
55. 6
56. 1
56. 3
56. 4
56. 8
57. 1
57. 3
57. 8
58. 0
58. 1
58. 5
58.7
58. 9
i The total of waije and salary
its and othe r labor inco
from compensation of employee s (see p. 3) ir that it excl udes emplojrer contributions for social irisurance and the excess of wage accrue Is over wage disbursements.
2
Consists oi employer contributions to private pension, heealth, and welfare
funds; compensation for injuries; directors' fees; military reser ve pay; and a few
other minor items.
20. 0
21. 1
21. 2
22. 6
23. 9
24. 5
24. 1
25. 1
24. 7
24. 9
24. 8
24. 8
24, 6
24.3
24. 6
24. 9
25. 0
25. 3
25. 5
25. 6
25. 7
25. 7
20. 8
21. 4
23. 6
24. 3
24. 7
25. 1
26. 0
27. 8
26. 3
26. 5
26. 8
26. 9
27. 0
27. 3
27. 3
27. 4
27. 6
28. 2
28. 3
28. 5
28. 7
29. 8
43. 6
48. 0
52. 9
59. 3
67. 5
73. 0
78. 0
87. 5
80.4
81. 1
81. 9
82. 6
83. 4
84. 5
85.7
86. 5
87.8
89.0
90. 3
91. 5
92. 6
93. 7
44. 1
51. 8
59. 6
65. 8
79.1
93. 2
103. 0
117. 5
113. 7
112. 6
112. 5
113. 8
114. 5
115. 3
115. 9
116. 0
116. 9
119. 0
120. 2
121. 1
121. 9
122. 7
Less: Personal con- Nonagritributions cultural
for social persona3
insurance income
17.7
20. 5
22. 8
26. 3
28. 0
30.9
34.7
43. 1
35.7
35. 9
41.7
41. 9
42. 0
42. 4
42. 5
42. 8
43. 4
43. 6
43. 9
44. 0
44. 3
44.4
566. 3
609. 4
668. 8
728. 3
784. 8
839. 8
911. 5
1, 000. 6
947. 7
953.6
957. 4
965. 3
970. 9
979. 5
986. 4
994. 2
1, 001. 8
1, 012. 1
1, 021. 8
1, 030. 0
1, 039. 0
1, 048. 2
3
Personal iiicome exclus ve of net incjome of unin corporated farm enterprises,
fa rm wages, a gricultural r et interest, and net div idends paid by agricultural
c<)rporations.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
ist year's 10.3 percent rise in personal income was the largest in 22 years. Real per capita disposable income was
41/2 percent from 1972 to 1973 but rose at a seasonally adjusted annual rate of less than 1% percent [from the
,st to the fourth quarter of last year.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
900
800
700
PER CAPITA DISPOSABLE PERSONAL INCOME
SEASONALLY ADJUSTED ANNUAL RATES
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Less *
PerPersonal
sonal tax and
income nontax
payments
Per cap)ita disL ess: Perse>nal outla^fS
posable personal
Equals:
Persorlal consuraption
Equals:
incc)me
Disex penditure S 2
Personal
Total
posable
saving
personal personall Durable NonCurrent
1958
durable Services
income outlays
dollars dollars
goods
Billions of dollars
1966 __ _ 587. 2
1967
629. 3
1968
688. 9
1969
750. 9
1970__ _ _ 808. 3
1971_
_ _ 863. 5
1972_ ___ 939. 2
1973 v
1,035.5
75.4
83. 0
97. 9
116. 5
116. 6
117. 5
142. 2
152. 9
511. 9
546. 3
591. 0
634. 4
691. 7
746. 0
797. 0
882. 6
479.
506.
551.
596.
635.
685.
747.
828.
3
0
2
2
5
8
2
7
70.8
73. 1
84. 0
90. 8
91. 3
103. 6
117. 4
131. 1
Saving
as percent of
disposable
personal
Population
(thou-3
sands)
( percent)
Dol lars
206.9
215. 0
230. 8
245. 9
263. 8
278. 7
299. 9
336. 3
188. 6
204. 0
221. 3
242. 7
262. 6
284. 9
309. 2
337. 6
32. 5
40. 4
39. 8
38. 2
56. 2
60. 2
49. 7
53. 8
2, 604
2,749
2, 945
3, 130
3, 376
3, 603
3, 816
4, 195
2,335
2,403
2,486
2, 534
2,610
2,680
2, 767
2, 890
6.4
7. 4
6. 7
6.0
8. 1
8. 1
6. 2
6. 1
196,
198,
200,
202,
204,
207,
208,
210,
560
712
706
677
879
045
842
404
2,
2,
2,
2,
716
740
771
841
6. 8
5. 8
5.7
6. 6
208,
208,
209,
209,
259
634
058
514
2, 878
2, 877
2,894
2,909
5. 9
5. 9
5.7
6. 9
209,
210,
210,
211,
871
221
618
036
Seaso natty adjii-sted annu al rates
1972: ! _ _ _
II__
III..
IV_.
910.
926.
943.
976.
8
1
7
1
1973: I-_. 996. 6
II— 1 1,019.0
IIlJ 1,047.1
IV*.| 1,079.2
1
138.
140.
142.
147.
0
7
8
4
145. 1
149. 3
156.0
161. 2
772. 8
785. 4
800. 9
828. 7
720.0
739. 5
755. 1
774. 3
111.
115.
120.
122.
5
1
2
9
288.
297.
302.
310.
8
9
3
7
300.
306.
311.
319.
0
2
6
0
52. 9
45. 9
45. 8
54. 4
3,
3,
3,
3,
851.
869.
891.
918.
801.
818.
840.
854.
132.
132.
132.
126.
2
8
8
8
322. 2
330. 3
341. 6
351. 1
325.
332.
341.
351.
0
6
6
2
50. 0
51. 0
51. 1
63. 3
4,057
4, 137
4,231
4, 350
5
7
1
0
5
7
1
6
1
Includes personal consumption expenditures, interest paid by consumers,
and
personal transfer payments to foreigners.
2
See p. 2 for total personal consumption expenditures.
711
765
831
955
3
Includes Armed Forces abroad. Annual data are tor July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
In the fourth quarter, net farm income excluding inventory change (seasonally adjusted) rose 19 percent and incluc
inventory change 15 percent Real net income per farm was 26 percent higher than a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
1100
SEASONALLY ADJUSTED ANNUAL RATES
80
80
REALIZED GROSS
FARM INCOME
60
40
40
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
20
1968
1969
1972
1971
1970
Personal income re ceived by
total f arm popu lation
][ncome re ceived fro m farming
Realize d gross
From
all
sources
24. 9
24. 0
25. 1
27. 6
28. 3
29.2
34. 0
41. 3
1966
1967
1968
1969
1970
1971
1972
1973 ^
1972: I
II
III
IV
1973: I
II
III
IV »
._
From
From
nonfarm
farm
sources sources
14.4
13. 1
13.2
14. 9
15. 1
15.2
18. 1
23. 8
10.5
10. 9
11. 9
12. 7
13.2
14. 0
15. 9
17.5
Net t<3 farm
oper ators
Net inc ome per
farm incl uding neta
inventory* change
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1967
from
Total *
ventory ventory2 dollars dollars 4
marketchange change
ings
Billions c)f dollars
Dol lars
33.4
49. 7
43. 3
4,990
16. 3
16. 3
5,092
49. 0
42.7
14.2
34. 8
14. 9
4,707
4,707
44. 1
50. 9
14. 7
14. 8
36. 2
4,828
4,642
5,620
55. 6
48. 1
38. 8
16. 8
16. 9
5,156
57. 8
50. 5
41. 0
16.9
16.8
5,725
5,022
59. 7
52.8
44. 5
5,817
15. 2
16. 9
4,888
6&9
60.7
49. 2
20. 3
7,089
19. 7
5,717
83. 4
64.4
90. 5
26. 1
9,469
26.9
6, 862
Seasonaliy adju sted annu at rates
57. 8
65.8
47. 0
18.8
19. 6
6,830
5,600
68. 1
59.8
19. 3
6,970
48. 8
20. 0
5,620
68.7
60.5
49. 4
19. 3
6,930
19. 9
5,540
64. 6
72. 8
21. 3
21. 9
7,630
51. 5
6,060
72. 4
24. 0
79. 8
24. 4
55.8
8, 620
6,580
58.0
82.5
75. 5
24. 5
8, 720
24.7
6,410
84. 5
91.4
65.9
25. 5
27. 2
9, 610
6,860
108. 3
77. 9
30. 4
31. 4 11, 090
101. 2
7, 650
1
Cash receipts from marketings, Government payments, and nonmoney income
furnished by farms.
2
Inventory of crops and livestock valued at the average price for the year.
Also, see footnote 2, p. 3.
* Based on Census of-Agriculture definition of a farm. The number of farms is
held constant within a year.
1974
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF AGRICULTURE
Period
1973
* 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.
ORPORATE PROFITS
rporafe profits (before taxes) including inventory valuation adjustment rose 20 percent from 1972 to 1973, accord.j to preliminary estimates. Excluding inventory valuation adjustment the rise was 29 percent.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
40
40
20
20
1973
1969
1968
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
[:Millions ol dollars; <quarterly <data at seasonally
Corf > orate pr ofits (befc>re taxes) and inveritory
valuation adjustmei at
TransCorpoM anufactui ing
portation,
rate
comprofits
NonAll
Durable
AE
munibefore
Indusgoods durable
other l taxes
?
goods cation
tries Total indusand
tries
public
tries
utilities
82. 4
1966
1967
78. 7
84.
3
1968__ ...
1969
79. 8
1970
69. 2
1971
80. 1
1972
91. 1
109.2
1973"
42. 6
38. 7
41. 7
36. 6
27. 8
32. 5
40. 1
51. 7
24. 0
20. 7
22. 4
18. 8
10. 5
14. 7
20. 2
26. 9
18. 6
18. 0
19. 3
17.7
17. 3
17. 8
20. 0
24. 8
11, 9
10.8
10. 6
10. 1
86.2
88.0
91.5
98.8
37. 3
38. 7
39. 9
44. 7
18. 7
20. 2
19.5
22. 3
18. 6
18. 5
20. 4
22. 4
8. 5
1973: I.... 104. 3
107. 9
II...
III.. 112.0
IV v
49. 7
52. 4
51. 9
26. 9
28. 5
26.6
22. 8
23. 9
25. 3
1972: I
II—
III..
IV..
7.8
8.6
9. 3
9.3
8.9
9.8
9. 9
9.2
8. 5
10. 3
ad juste d annual rates]
Con^orate pr ofits
a fter taxe s
Corporate
DiviUntax
liabil- Total dend distributed
payity
ments profits
Corporate
capital
consumption
allow-2
ances
Profits
plus
capital
consumption
allow-3
ances
24.7
25.1
26. 0
27.8
243
29. 1
25. 3
24 2
20.5
14 6
22.5
29. 3
42.4
39.5
43.0
46. 8
51. 9
56.0
60. 4
65. 9
71. 0
89. 5
89. 6
94 6
96.8
95.2
108.0
121.3
141. 3
52. 2
53.4
55. 6
60. 3
25.7
25. 9
26. 2
26.4
26. 5
27.5
29.4
33. 9
63. 4
66. 2
66. 0
68.0
115.6
119.5
121. 6
128. 3
66.9
71.6
71. 5
26. 9
27. 3
40.0
44 2
43.4
69. 3
70. 5
71.7
72. 7
136.2
142.0
143.2
27. 9
29. 1
32. 0
33. 1
33. 7
39. 1
41. 7
48. 2
84. 2
79. 8
87. 6
84.9
74. 0
85. 1
98. 0
126. 5
34.3
33. 2
39. 9
40. 1
34. 8
37.4
42. 7
56. 2
49. 9
46. 6
47. 8
44.8
39.3
47. 6
55. 4
70. 2
40.4
40.4
41. 7
44. 2
92. 8
94. 8
98. 4
106. 1
40. 6
41. 4
42. 9
45.9
45. 4
47. 0
49. 8
119.6
128. 9
129. 0
52. 7
57.4
57.6
i Includes all other industries and financial Institutions,
* Includes depreciation and accidental damages.
s Corporate profits after taxes plus corporate capital consumption allowances^
27-844 °—74—-—2
1974
Source: Department of Commerce;
20.8
21.4
23. 6
2a i
29. 0
GROSS PRIVATE DOMESTIC INVESTMENT
Nonresidentiai fixed investment (seasonally adjusted) rose again in the fourth quarter but residential construction f«
sharply. Inventory investment rose sharply, partly because of the backing up of automobile stocks held by dealer;
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
200
150
1967
1973
SOURCES: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed in1!/es taient
Period
Total
gross
private
domestic
investment
Resid en t ial
struc tures
N<3n resident ial
Struc tures
Total
Total
Total
Nonfarm
Produce rs' durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business in\ entories
Total
Nonfarm
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973*
94. 0
108. 1
121. 4
116. 6
126. 0
139. 0
136. 3
153. 2
178. 3
201. 5
88. 2
98. 5
106. 6
108. 4
118. 9
131. 1
131. 7
147. 1
172. 3
194. 0
61. 1
71. 3
81.6
83. 3
88. 8
98. 5
100. 6
104. 4
118. 2
136. 0
21.2
25. 5
28.5
28. 0
30. 3
34. 2
36. 1
37.9
41. 7
48.3
20.5
24. 9
27.8
27. 3
29. 6
33. 5
35. 3
37. 0
40. 8
47. 3
39.9
45. 8
53. 1
55.3
58. 5
64. 3
64. 4
66. 5
76.5
87. 7
36.3
41. 6
48.4
50. 0
53. 6
59. 2
58. 9
60. 9
69. 8
79. 3
27.1
27. 2
25. 0
25. 1
30. 1
32. 6
31. 2
42. 7
54. 0
58. 0
26. 6
26. 7
24. 5
24. 5
29. 5
32. 0
30. 7
42. 2
53. 5
57. 4
5. 8
9. 6
14. 8
8. 2
7. 1
7.8
4. 5
6. 1
6. 0
7. 4
6. 4
8.6
15.0
7. 5
6. 9
7. 7
4. 3
4. 5
5. 6
6. 7
1972: I
II
III
IV
167.
174.
181.
189.
165.
169.
172.
181.
114. 0
116. 3
118.3
124. 3
41. 0
41. 5
41. 3
43. 0
40. 1
40. 6
40. 4
42. 1
73. 1
74. 9
77.0
81. 2
67. 3
68. 9
69. 8
73. 4
51. 8
52. 8
54. 5
56. 9
51. 2
52. 3
53. 9
56. 4
1. 7
5.5
8.7
8.2
1. 4
4. 8
8. 4
7. 9
1973: 1
II
III
IV
194. 5
198. 2
202.0
211. 2
130.
134.
138.
141.
45. 3
47. 2
49. 5
51. 1
44. 4
46. 3
48. 5
50. 1
85. 5
86. 9
88. 6
90.0
77. 8
78. 4
80. 0
80. 9
59. 0
59. 6
59. 2
54.2
58.4
59. 1
58. 6
53.6
4. 6
4.5
4. 7
15. 9
4. 4
4,4
3. 2
14. 9
5
7
5
4
Source: Department of Commerce.
8
8
2
9
2
189. 9
193. 7
197. 3
195.3
9
1
0
1
CPENDITURES FOR NEW PLANT AND EQUIPMENT
;inessmen arc planning a 12 percent rise in plant and equipment expenditures from 1973 to 1974 according to a
rvey conducted by the Commerce Department in November and December.
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
SEASONALLY ADJUSTED ANNUAL RATES
100
100
TOTAL NEW PLANT AND EQUIPMENT
80
NONMANUFACTURING
,..«••»*
60
60
40
40
MANUFACTURING
20 h
r
i
i
!
I
1968
I
I
1969
I
J/
I
1972
1971
1970
1973
1974
J/SEE FOOTMOTE 3 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
K onman ufacturir Lg
M anufacturj ng
Period
Total i
Total
1966
1967
1968
1969
1970
1971
_
1972 3
1973
1974 8
1972: III
IV
1973: I
II
III
IV 3
1974: I 33
II
63. 51
65. 47
67. 76
75.56
79. 71
81. 21
88. 44
100. 08
112. 11
87.67
91. 94
96. 19
97. 76
100. 90
104. 94
108. 16
111. 92
28. 20
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 00
44. 40
30. 98
33. 64
35. 51
36. 58
38.81
40. 54
42. 92
45. 12
Trarisportal ion
Durable
goods
Nondurable
goods
Total
14. 06
14. 06
14. 12
15.96
15. 80
14. 15
15. 64
19. 39
22. 61
15. 67
16. 86
17. 88
18. 64
19. 73
20. 94
22. 21
22. 69
14. 14
14. 45
14. 25
15. 72
16. 15
15. 84
15. 72
18. 61
21. 79
15. 31
16. 78
17. 63
17. 94
19. 08
19. 60
20. 71
22. 43
35. 32
36. 96
39. 40
43. 88
47.76
51. 22
57. 09
62.07
67. 71
56. 70
58. 30
60. 68
61. 18
62. 09
64. 40
65. 24
66. 80
1
Excludes agricultural fc usiness; rea estate oper ators; medic al, local, edL cational,
and cultural service and nonprofit organizations.
2
Includes trade, service, construction , finance, an d insurance.
" Estimates based on ex pected capit?il expenditu res as repor ,ed by busin ess
October-December 1973 Includes ad justments w hen necessar 7 for systemsttic
dencies in expectations data.
Mining
1. 62
1. 65
1. 63
1. 86
1. 89
2. 16
2. 42
2. 76
3. 14
2.40
2. 46
2. 59
2. 77
2. 82
2. 85
2. 90
Railroad
Air
2. 37
1. 86
1. 45
1. 86
1.78
1. 67
1. 80
1. 94
2. 27
1. 50
1.71
2. 11
1. 75
1. 95
1.98
2. 43
1. 74
2. 29
2. 56
2. 51
3. 03
1. 88
2. 46
2.41
2. 16
2. 67
2. 33
2. 21
2. 72
2. 49
2. 22
2. 16
ComCom- mercial
Public muniand
utilities cation
Other
other 2
1.64
1.48
1. 59
1. 68
1. 23
1. 38
]. 46
1. 60
1. 62
1. 41
1. 42
1. 53
1. 62
1.79
1. 53
1. 74
7.43
8.74
10. 20
11. 61
13. 14
15. 30
17.00
19. 09
22. 16
17. 01
17. 53
18. 38
18. 08
18. 58
21. 20
21. 57
6.02
6. 34
6. 83
8.30
10. 10
10. 77
11. 89
13. 03
14. 48
14.59
15. 14
16. 05
16. 59
18. 05
20. 07
21. 24
36. 36
11. 56
12. 63
12. 34
12. 70
13. 12
20. 16
20. 21
21. 53
21. 55
21. 36
34. 63
34. 43
N OTE.— Ann ual total is> the surri of unadj listed expeiiditures; i t does not
neccissarily coiiicide with the averajje oi season ally adjuste (3 figures.
T lese figures do not agre e with the totals inchided in the gross natio rial product
estiinates, prin cipally bee ause the 1atter cover agriculture 1 investmeiit and also
cert ain equipm ent and coiistruction outlays ch arged to cu rrent expen se.
Sr nrf.fi- DfiTlf rt.rnfint of (Horn mere*a.
OF
WAGES
LABOR FORCE
i
The seasonally adjusted civilian labor force increased by 510,000 in January, as a result of an increase in em
ployment (142,000) and unemployment (368,000). There was little change in nonagricultural employment. The
labor force participation rate increased to an unprecedented 62.0 percent.
MlLL!ONS"OF PERSONS*
1 95
MILLIONS OF PERSONS*
95
SEASONALLY ADJUSTED
85
85
75
75
UNEMPLOYMENT
„ \
1 I I ! I I t I I 1I I f ! I t I I
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
s EA S(Dh4A LLIr *^c JUSTED
•u NEMPLC)YAAENT R A'FE
III
~
1 IWT:; ; il
*??? I ;| 1iiiii iii Iii 1
|
| i|; I
W- rr? ™ 1
1
ijljll
"1ST H I
Si.:i
iii is;
iiii
ii; iii 1;
;ii iiii
il I
ii; iiii iii
il is 1 iiii 1i;ii; 1
iii: 1
i ii; 1 iii
1 i|
IiiiiIi!Iii II
illiii ijljlIppplf
:S iii
iiii ii il 1i
IIIIlliflilt iiii Si II illIii i lli 1Iiii; ii Iii |
||Hi ss iii; iii 11i; ill 11iS :iii:.
i 1i
Ii iiii ;i i iii; iii iii
il
III i
i
sjjiiii iii ;i;|s|s; ;ii|i;;;|i;;;|i;;;jiS ;s :S iiip S:; iiiiii ii|is iii;
ii; ii; iii|iii|ii|ii x>|W: iii
iii iii iii; iii: S;
iii ;:; si; iS
iii ;S
iiliii •ii; ;•. ;
iii if ii; Si Si;
ii*
—.
i till
i
ill
iiiii
iiii
:
ill
11
S-i
1n
19 6 ?
19 70
i
iiii
Sii
i
i
i
1968
"ox
il
972
9 71
1
iii
V?7 3
16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1970___
1971___
1972*._
1973___
1972:
Dec*
1973:
Jan__
FebMar*
Apr__
May.
JuneJuly.
Aug_
Sept__
Oct__
Nov_
l)ec_
1974:
Jan__
Total
labor
force
(including
Armed
Forces)
85, 903
86, 929
88, 991
91, 040
1974
COUNCIL OF ECONOMIC ADVISERS
Civiliatn employinent
Total
labor
force
Non- Unemploy- (includagriTotal
ment
ing
culArmed
Forces)
Thousands of ]Dersons 16
78, 627 75, 165 4, 088 85, 903
79, 120 75, 732 4, 993 86, 929
81, 702 78, 230 4,840 88, 991
84, 409 80, 957 4, 304 91, 040
Unadji isted
Civilisin emplo yment
Civilian
labor
force
Total
Agricultural
years of age and o ver
82, 715 78, 627 3,462
84, 113 79, 120 3,387
86, 542 81, 702 3, 472
88, 714 84, 409 3,452
Nonagricul-
Unempl oyment Labor
Unem- rate
force
(pe rcent of particiployciviliai
a
labor
ment
pation1
for ce)
rate
Percent
75, 165
75, 732
78, 230
80, 957
4,088
4,993
4, 840
4, 304
Seasonally adjusted 1
^
4. 9
5. 9
5.6
4.9
Unadjusted
61. 3
61. 0
61.0
61.4
Seaso nally
adjiA ,sted
89, 437
82, 881
79, 719
4, 116
89, 701
87, 261
82, 841
3,577
79, 264
4,420
4.7
5. 1
61. 1
88, 122
89, 075
89, 686
89, 823
89, 891
92, 729
93, 227
92, 436
91, 298
92, 046
92, 168
91, 983
81, 043
81, 838
82, 814
83, 299
83, 758
85, 567
86, 367
85, 921
84, 841
85, 994
85, 828
85, 643
78, 088
78, 882
79, 683
80, 004
80, 291
81, 514
82, 201
82, 095
81, 406
82, 469
82, 409
82, 441
4, 675
4,845
4,512
4, 174
3, 799
4,847
4, 550
4,208
4, 165
3, 763
4,056
4,058
89, 404
90, 108
90, 523
90, 622
90, 597
91, 133
91, 139
91, Oil
91, 664
92, 038
92, 186
92, 315
87, 000
87, 716
88, 162
88, 272
88, 263
88, 818
88, 828
88, 704
89, 373
89, 749
89, 903
90, 033
82, 619
83, 230
83, 782
83, 854
83, 950
84, 518
84, 621
84, 513
85, 133
85, 649
85, 649
85, 669
3,489
3,446
3,469
3,356
3, 320
3,430
3, 512
3,425
3,376
3,455
3, 561
3, 643
79, ISO
79, 784
80, 313
80, 498
80, 630
81, 088
81, 109
81, 088
81, 757
82, 194
82, 088
82, 026
4,381
4,486
4, 380
5.5
5.6
5.2
4.8
4.3
5,0
5,1
60. 8
61. 2
91, 354
84, 088
80, 891
5,008
92, 801
90, 543
85, 811
3, 794
82, 017
*Data beginning January 1972 not strictly comparable with prior data because
of adjustment to 1970 Census data, which added 333,000 to the civilian labor
iorce and 301,000 to civilian employment. A further adjustment in March 1973
added 60,000 to the labor force and to employment.
1
4,418
4,813
4,300
4,207
4, 191
4, 240
4, 100
4, 254
5. 4
5. 0
4. 7
4. 7
4. 2
5. 0
5. 0
4.9
4. 8
4. 7
61. 4
61. 3
61.2
61. 5
61. 4
4.5
4,364
4, 5
4. 7
4, 7
4. 6
4. 7
4.8
61. 3
61. 6
61. 8
61. 8
61. 8
4, 732
5. 2
5.2
62. 0
Total labor force as percent of noninstitutional population 16 years of agl
and over.
Note.—Seasonally adjusted data revised beginning 1967;
S@orce: Department of Lab®r.
ELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
ic unemployment rate (seasonally adjusted) Increased to 5.2 percent In January- This Is 0.5 percentage point above
ie rate that prevailed in the second half of 1973.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST
UNEMPLOYMENI.RATE,
MARRIED MEN
Oi I I I M I I I ! M . I I I LI I M I M
1968
II I I I I I I I
1969
I M M I I I M I , I I LJJ I ) I II I
1970
1971
1972
1972: Dec
1973: Jan
Feb
Mar__
Apr __ _
May
June
July
Aug
Sept
Oct
Nov_
Dec
1974: Jan
Experi- Married Labor
force
enced
All
men
time lost * Over 40
wage
and
hours
(wife
workers salary
workers present)
4. 9
5. 9
5. 6
4,9
5. 1
5.0
5.1
5. 0
5.0
4.9
4.8
4.7
4. 7
4~?
4.6
4.7
4.8
5. 2
Per cent
2.6
4.8
5. 7
5.3
4.5
Seasonal y
4.8
4.6
4.7
4.6
4.7
4.5
4.4
4-4
4.4
4.4
4.2
4.5
4.6
4.8
3. 2
2. 8
2. 3
5.3
18, 925
19, 095
20, 320
21, 284
5.4
21, 740
19, 527
20, 311
21, 485
20, 968
21, 966
21, 467
20, 424
20, 503
22, 631
21, 797
22, 099
22, 225
19, 913
6. 4
6. 0
5. 2
adjusted
2.4
2.4
2.4
2. 5
2.4
2. 3
2. 3
2. 1
2. 1
<j) i
2. 1
2. 1
2. 2
2. S
5.S
6.4
5. S
5. 3
5. 2
5. 2
5. 1
5. 1
5. 1
5. 1
5. 2
6.4
5.7
1
Man-hours lost by the unemployed and persons on part-time for economic
reasons
as a percent of potentially available labor force man-hours.
2
Differs from total nonagrieultural employment (p. 10), which includes per•*ns with jobs but not at work for such reasons as vacation, illness, bad weather,
'industrial disputes.
icludes persons who worked part-time becanse of slack work, material
ages or repairs, new j ©b started, or Job terminated.
1974
Persons at work in nonagn cultural ir
idustries
by hours worked j)er week 2
TJiider 35 ho urs
UneEaploymen t rate
(percen t of eivili<an labor
for ce in grotip)
1970
1971
1972
1973
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Period
I M I! I I UJJ-LLI I I I I II I II
35-40
hours
Part-ti me for
economi c reasons
Part-ti me for
economi D reasons
Total
Usually Usually Usually Usually
partfullpartfulltime 3
time 4
time 4
time 3
Thousan ds of pers ons 16 ye ars of age and over
995
33, 537 18, 222
1, 201
35, 752 16, 298
1,256
1, 184
36, 794 16, 549
1, 327
1, 081
37, 426 17, 473
1, 074
1, 237
I Jnadjustec I
Seasonall' y adjusted
37, 483 17, 543
1, 073
917
957
1, 217
35, 819 18, 557
951
948
905
1, 172
35, 844 19, 305
1,020
1,024
1,068
1,200
37, 537 17, 378
1 ; 096
967
958
1, -255
37, 983 18, 000
962
966
989
1, 169
37, 904 17, 239
949
1, 031
1,043
1, 211
38, 306 15, 714
1,772
1, 195
1,099
1; 874
37, ©40 14, 283
1, 12-9
1, 8S6
1, 161
1, 208
37, 125 14, 326
1,567
1, 315
1, 167
1; 120
1,092
38, 451 16, 172
1, 126
1,106
1,247
34, 956 22, 136
1,046
1, 108
1, 103
1,274
1,083
38, 566 18, 630
1, 104
1, 262
1, 143
39, 574 17, 934 5 1, 140 5 1, 210
1,192
1, 370
1, 274
38, 579 18, 682
1, 111
1,213
1, S7S
4
Primarily
8
includes persons who could find only part-time w®rk;
Average hours-worked: usually^full-time, 23;8; usually .part-time, 17 At
Note;—Seasonally adjtisted series reflsed;beginning 1967.
Source: Department @f Lab«u
11
UNEMPLOYMENT INSURANCE PROGRAMS
In December, insured unemployment under State programs averaged 88,000 more than a year earlier. The seasonal
adjusted insured unemployment rate increased slightly to 2.9 percent.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
JAN.
MAR.
APRIL
MAY
JUNE
JULY
AUG.
SEPT.
SOURCE* DEPARTMENT OF lABOft
1970
1971
1972"
1973 *
1972: Nov*
Dec p
1973: Jan *
Feb»
Mar *
__ _
Apr * p
May
June v
July *
Aug v
Sept *Oct *>__ _ .
Nov v
Dec "
Week ended :
1973: Dec 15
22
29
1974: Jan 5
12.
19
i Not charted.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
A 11 progranas
Period
NOV.
OCT.
Stiite progra ms
Total
Insured
unem- benefits Insured
Covered
ploypaid
unememploy- ment
(milployment
lions
(weekly
ment
averof
dol1
age)
lars)
Thou Bands
59, 526
2,070
2, 313
59, 375
_
2, 185
1,783
1, 692
1, 994
2, 333
2,250
2, 075
1, 828
1,610
1, 523
_ _
1, 640
1,572
1, 440
1, 451
1, 665
2, 003
I, 992
2, 024
2,328
2,707
2,700
4, 179. 1
5, 498. 2
5, 000. 0
4, 441. 8
325. 3
350. 2
509. 2
447. 0
473. 9
393. 3
365. 9
309. 4
320. 9
346. 9
273. 9
309. 3
320. 9
371. 2
Initial
claims
Insurec1 unemploymet it as perExhaus- cent of covered
emplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly Javerage, t housands
296
25
1, 805
2, 150
295
38
261
1, 848
37
1, 627
246
30
1,507
253
28
324
1, 801
28
2, 124
331
33
32
2, 061
249
1,898
213
33
1, 669
216
33
1, 465
193
31
1, 384
206
28
27
1, 505
275
212
1, 436
27
186
1, 299
25
210
1, 298
24
1,501
265
29
395
32
1,889
1,823
1, 863
2, 156
2,524
1
2, 519
340
430
461
405
585
466
Source: Department of Labor.
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
Per cent
3. 4
4. 1
3. 5
2.8
2. 7
3. 3
3. 8
3. 7
3. 4
2. 8
2. 5
2.4
2.5
2.4
2. 1
2. 1
2. 4
3. 1
2. 9
3. 0
3. 5
4. 1
4.0
8. 2
3. 0
2 7
2. 8
2. 8
2. 7
2. 7
2. 7
2. 6
2. 7
2. 8
&
0
&. O
& O
Q
&,
2 9
3, 848. 5
4, 957. 0
4, 550. 0
4, 105. 0
294. 4
320. 9
471. 4
416. 4
441. 0
365. 7
339. 2
286. 6
296. 3
316. 3
248. 3
280. 7
301. 4
341. 6
50. 34
54.02
56.03
58. 50
57.59
58. 35
58. 69
59. 08
59. 09
59. 41
58. 44
58. 12
57.42
57. 46
58. 13
58. 97
58. 63
58.71
^ONAGRICULTURAL EMPLOYMENT
pai nonagricuitural payroll employment (seasonally adjusted) decreased by 259,000 in January, and was back
the ievei prevailing in October 1973. The declines in payroll employment were largest in durable manufactur, contract construction and wholesale and retail trade.
MIL JONS OF WAGE
AN!) SALARY WORKERS
MIL LIONS OF WAGE
AND SALARY WORK IRS
(SEASONALLY ADJUSTED)
(SEASONALLY AD USTED)
(ENLARGED SO^LE)
76
__-*«»*
«**"""" ^\_
16
np^
_^ff*
,MB .••••**
r——-
^^
72
!
—
-*
14
_
*
WHC3LESALE AND RE1AIL TRADE
^ «,»* «•«*»*'
ALL NONAGRICULTU RAL
ESTABLISHMENTS
68
12
44^ -
^
NONMANUFACTUF,ING
(PRIVATE)
~
w ^»^^
40
»••••*'
+~
^
12
..
"""-"-,„,..
V
\
^~~~~~
\
.....i*"***"""'"*
/
8
_
d
-
^2
16
c50VERNMENT
x
-
NONDLJRABLE
MANUFAC:TURI'NG
AMANUFACTURING
"""""'V.,"
ZjL^
DU ?ABLE
MANUFACTURING
\
10
24"
20
\
SERVICES
-
^
^
'
s^
«»**>
^
-"
36
.—•••-"""""*
s.
-
CONTR ACT
CONSTRL CTION
4
12
8
,1 ! I I ! 1 ! 1 1 I 1 !
! 1 1! 1 1! I I ! !
1970
1971
I 1 t ! I 1 1 ! 11!
1972
2
I ! 1 1 1 1 1 I ! ! |h
1973
r . ..1970i . . . ..
1 1 I 1 1
I .., .I..1 11
1 1 1 !
SOURCE: DEPARTMENT OF LABOR
, , , , , 1 , , , , , K
1973
1972
1971
COUNCIL OF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers; seasonally adjusted]
Period
1968
1969
1970
1971. _ _
1972
1973 *
1972: Dee__
1973: Jan._
Feb__
Mar_
Apr
May.
June_
July__
Aug__
Sept__
Oct__
Nov.v
Dec
1974: Jan 2 __
Total
67, 915
70, 284
70, 593
70, 645
72, 764
75, 570
74, 002
74, 252
74, 715
74, 914
75, 105
75, 321
75, 526
75, 478
75, 747
75, 961
76, 363
76, 679
76, 631
76, 372
Total
19, 781
20, 167
19, 349
18, 529
18, 933
19, 821
19, 402
19, 463
19, 586
19, 643
19, 727
19, 782
19, 856
19, 804
19, 861
19, 882
20, 016
20, 095
20, 091
19, 966
NonDurable durable
goods goods
11, 626
11, 895
11, 195
10, 565
10, 884
11, 634
11, 270
11, 326
11, 421
11, 463
11, 534
11,602
11, 654
11, 646
11, 692
11, 708
11, 802
11, 859
11, 852
11,739
8, 155
8, 272
8, 154
7, 964
8, 049
8, 187
8, 132
8, 137
8, 165
8, 180
8, 193
8, 180
8, 202
8, 158
8, 169
8, 174
8,214
8, 236
8,239
8,227
Total
Contract
Mining construelon
36, 288
37, 915
38, 709
39, 261
40, 541
42, 097
41, 098
41, 311
41, 596
41, 697
41, 764
41, 897
42, Oil
42, 079
42, 249
42, 423
42, 601
42, 746
42, 636
42, 480
Includes all full-and part-time wage and salary workers in nonagriculturai
~ blishments who worked during or received pay for any part oi the pay period
eh includes the 12th oi the month. Excludes proprietors, self-employed per!, domestic servants, and personnel of the Armed Forces. Total derived from
table not comparable with estimates ol nonagricuitural employment of the
lian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Gover nment
N onmanu facturin^ 1 (private)
Manufa< sturing ( Drivate)
606
619
623
602
607
625
607
610
612
610
608
608
629
631
634
633
639
644
645
645
Trans- Whole- Finance, 1
portainsursale
tion
ance, Services Federal State
and
and
and
and
local
public retail
real
utilities trade estate
3,285 4,310
3,435 4, 429
3, 381 4,493
3,411 4,442
3, 521 4, 495
3, 649 4,610
3, 459 4, 558
3, 498 4, 574
3, 594 4, 580
3, 604 4, 580
3, 571 4, 591
3, 620 4,593
3,654 4, 597
3, 680 4, 598
3, 676 4, 617
3, 700 4, 629
3, 694 4, 671
3, 711 4,654
3, 730 4,639
3, 601 4, 665
14, 084
14, 639
14, 914
15, 142
15, 683
16, 294
15, 946
16, 013
16, 114
16, 163
16, 217
16, 256
16, 262
16, 294
16, 352
16, 388
16, 465
16, 520
16, 400
16, 363
3,382
3,564
3,688
3, 796
3, 927
4, 053
3, 991
3, 995
4, 014
4, 024
4, 031
4, 044
4, 049
4, 048
4, 064
4, 078
4, 088
4, 095
4, 098
4,099
10, 623
11, 229
11, 612
11, 869
12, 309
12, 865
12, 537
12, 621
12, 682
12, 716
12, 746
12, 776
12, 820
12, 828
12, 906
12, 995
13, 044
13, 122
13, 124
13, 107
2, 737
2,758
2, 705
2, 664
2, 650
2, 624
2, 650
2, 634
2, 628
2,631
2, 628
2, 641
2,613
2, 588
2, 599
2, 613
2, 626
2, 638
2,654
2,648
9, 109
9,444
9, 830
10, 191
10, 640
11, 028
10, 852
10, 844
10, 905
10, 943
10, 986
11,001
11, 046
11, 007
11, 038
11, 043
11, 120
11, 200
11, 250
11, 278
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports from employing establishments.
2 Preliminary; not charted.
Source: Department oi Labor.
-i ^%
WEEKLY HOURS OF WORK - SELECTED
The seasonally adjusted workweek declined by 0.4 hour In January to 36.6 hours. The decline In manufacturing hou
was particularly large (0.8 hour).
HOURS PER WEEK ^SEASONALLY ADJUSTED)
46.
HOURS PER WEEK {SEASONALLY ADJUSTED)
46
MANUFACTURING
TOTAL NONAGR1CULTURAL PRIVATE
44
42
40
38
36
34
1.1,1 I I I f M.f I
1971
1970
1972
1973
1970
42
1971
1973
1972
42
RETAIL TRAE)E
CONTRACT CONSTRUCTION
40
AF\
38
•>O
36
1A.
34
M
32
09
*«»— -^S^^^
30
30
1970
1
1972
1971
A\ \ \ 1 1J 1 1 1 I !
V
1973.
1970
1 t,| 1 1 I I 1 1 ! 1
1971
4
1 1 1
,1 1 I 1
,„.
1 1 1 .S 1 f ! } 1 ,! 1 X
1973
1972
SOURCEs DEPARTMENT OF IABOR
"
COUNCIL OF ECONOMIC ADVISERS
1
[Average hours per week ]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construction
Retail
trade 3
Total
nonagricultural
private 2
Unadjusted
1965..
1966
1967
1968
1969
1970___ _
1971
1972
1973 v
1972: Dec
1973: Jan
Feb___
Mar
Apr_
May
June
July
Aug _ _
Sept_
Oct
Nov
Dec p
1974: J a n 4
sas
sae
sao
_
._
—
_
.
37.8
37. 7
37. 1
37.0
37.2
37.1
37.2
36. 6
36.8
36.9
36.9
37.0
37.4
37. 6
37. 5
37. 3
37.0
37.0
37.2
36.3
41. 2
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 7
41.2
40. 0
40. 6
40.8
40. 7
40.7
40.9
40. 5
40. 5
41.0
40.7
40.8
41.2
39.6
i
Bata relate to production workers or nonsiapervisory employees,
2
Also includes-otber private industry groups shown on p. 13.
8
Includes eating and drinking places.
14
37.4
37. 6
37. 7
37. 4
37.9
37. 4
37. 3
37.0
37. 1
35. 2
34. 8
34. 9
36.6
36.8
37.5
38. 1
38. 4
38.3
37.9
37.7
37.5
36.6
34.9
Manufacturing
Contract
construction
Retail
trade 3
Seasonal!]f adjusted
36. 6
35. 9
35. 3
34. 7
34. 2
33.8
33. 7
33.6
33. 2
33.9
32.9
32.9
32. 9
33.0
33. 0
33. 8
34. 3 I
34. 1
33. 2
32. 8
32. 8
33. 3
32. 3
87. 0
86. 9
87. 2
87.1
37. 2
S7.2
87. 1
87. 2
87. 0
37. 2
87. 0
87. 1
87-. 0
36.6
* Preliminary; not charted*
Source: Department of Labor.
40.7
40. 8
41.0
40.9
40. 9
40. 7
40.6
40. 7
40.5
40. §
40. 6
40. 6
40. 7
89. 9
35.8
36. 1
86. 2
87.0
87. 0
37.6
37. 4
37. 5
37. 1
36. 7
36. 9
38.5
37. 2
86. 2
S3. 6
88. 4
33.5
83. 4
33. 4
88.4
38. 5
<Z><Z?
tJO.
G>
fj
33. 0
33. 2
88. 0
38 1
S-8,0
32. 8
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
ferage hourly earnings (not seasonally adjusted) in private nonagricultural production and nonsupervisory jobs
reased by 1 cent (3.0 percent annual rate) to $4.02 in January. The January hourly wage represents an increase
25 cents (6.6 percent) in the past year. Average weekly earnings declined as a consequence of the decline in
jurs of work.
DOLLARS
DOLLARS
AVERAGE WEEKLY EARNINGS
AVERAGE HOURLY EARNINGS
28.0
.7.00
CONTRACT
CONSTRUCTION
6.00
5.0.0
-"""
CONTRACT
CONSTRUCTION
200
MANUFACTURING
160
4.00
TOTAL NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
RETAIL TRADE
~
^a... «*"«M*•
RETAIL TRADE
80
2.00
1972
1971
1974
1973
1971
1972
1973
SOUtCfc DEPARTMENT OF LABOR
1974
COUNCIL OF ECONOMIC ADVISERS
[For productioD workers or nonsupervisory employees]
Average h ourly earni ngs— curre nt dollars Average vweekly earnlings— curr ent dollars
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973 9
1972: Dec
1973: Jan
Feb
Mar. _ _
Apr_
May
June __ _
July
Aug
Sept
Oct
Nov..
Dec *
1974: Jan *
Total
nonagricultural
private l
$2.45
2.56
2.68
2. 85
3. 04
3.22
3. 43
3.65
3. 89
3.74
3.77
3. 78
3. 80
3. 83
3.85
3. 87
3.90
3. 91
3.99
3. 99
4. 00
4. 01
4.02
1
2
Manufacturing
$2.61
2.72
2. 83
3. 01
3. 19
3.36
3. 56
3.81
4. 06
3. 95
3. 98
3. 97
3. 98
4. 01
4. 02
4. 04
4. 06
4. 06
4. 13
4. 14
4. 16
4. 21
4.20
Contract
construction
$3.70
3. 89
4. 11
4.41
4. 79
5. 24
5.69
6.06
6.46
6.32
6. 42
6. 31
6.28
6. 31
6. 34
6. 35
6. 40
6. 46
6. 64
6. 66
6. 67
6. 72
6.78
Retail
trade 2
$1. 82
1. 91
2. 01
2. 16
2. 30
2. 44
2. 57
2.70
2.86
2.75
2. 78
2. 80
2. 81
2.83
2. 84
2.86
2. 86
2. 87
2. 92
2. 93
2. 94
2. 93
2.99
Also includes other private industry groups shown on p. 13.
Includes eating and drinking places.
"Adjusted to exclude the effects of overtime and interindustry shifts.
27-844°—74——3
Total
nonagricultural
private 1
Manufacturing
Contract
construction
Retail
trade 2
$95. 06
98. 82
101. 84
107. 73
114. 61
119. 46
126. 91
135. 78
144. 32
139. 13
137. 98
139. 10
140. 22
141. 33
142. 45
144. 74
146. 64
146. 63
148. 83
147. 63
148. 00
149. 17
145. 93
$107. 53
112. 34
114. 90
122. 51
129. 51
133. 73
142. 04
154. 69
165. 24
162. 74
159. 20
161. 18
162. 38
163. 21
163. 61
165. 24
164. 43
104. 43
169. 33
168. 50
169. 73
173. 45
166. 32
$138. 38
146. 26
154. 95
164. 93
181. 54
195. 98
212. 24
224. 22
239. 67
222. 46
223. 42
220. 22
229. 85
232. 21
237. 75
241. 94
245. 76
247. 42
251. 66
251. 08
250. 13
245. 95
236. 62
$66. 61
68. 57
70. 95
74. 95
78. 66
82. 47
86. 61
90. 72
94. 95
93.23
91.46
92. 12
92.45
93. 39
93. 72
96.67
98. 10
97. 87
96. 94
96. 10
96.43
97. 57
96. 58
Manufc icturing
indu stries
Adjusted Average
weekly
hourly
earnearnings,
ings,
1967=
1967
1 nn 3
dollars *
92. 6
$113. 79
95. 7
115. 58
114. 90
100. 0
117. 57
106. 2
112. 6
117. 95
119. 6
114. 99
127. 5
117. 10
135.4
123. 46
143. 3
124. 15
139.2
127. 84
140. 1
124. 67
140. 1
125. 33
140. 7
125. 10
141.4
124. 87
124. 42
142.0
142.4
124. 80
143. 3
123. 91
143. 9
121.71
124. 97
145. 2
145. 9
123. 35
146.8
123. 35
148.3
125. 23
149.3
4
Earnings in current dollars divided by the consumer price index.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production, seasonally adjusted, declined by 0.5 percent in December as a rise in manufacturing production
was more than offset by drops in mining and utilities output.
Index, 1967=100 (SEASONALLY ADJUSTED)
160
Index, 1967=100 (SEASONALLY ADJUSTED)
140
If73
1970
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
industrial
production
COUNCIL OF ECONOMIC ADVISERS
[1967= 100, seasonally adjusted]
Industry
Mttnufacturi ng
Total
Market
Fiilal producits
NonDurable durable
Mining Utilities
Total
Consumer
goods
T -tIntermediate MateEquip- products
rials
ment
1966
1967
1968
1969
1970
1971
1972
1973 ^
97.9
100. 0
105. 7
110. 7
106. 6
106. 8
115. 2
125. 6
98. 3
100. 0
105.7
110. 5
105. 2
105. 2
114. 0
125. 2
99. 0
100. 0
105. 5
110. 0
101. 4
99. 4
108. 4
122. 1
97.3
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
98. 4
100. 0
103. 9
107. 2
109. 7
107. 0
108. 8
110. 0
93. 6
100. 0
109. 4
119. 5
128. 3
133. 9
143. 4
152. 2
96. 1
100. 0
105. 8
109. 0
104. 5
104. 7
111. 9
121. 2
98.6
100. 0
106. 6
111. 1
110. 3
115. 7
123. 6
131.7
93. 0
100. 0
104. 7
106. 1
96. 3
89. 4
95. 5
106. 7
99. 2
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131. 1
99.8
100. 0
105. 7
112. 4
107. 7
107. 4
117. 4
129. 3
1972: Nov
Dec
1973: Jan
Feb
Mar_ _ _
Apr__ _
May _
June _
July
._
Aug
_ _
Sept
Oct v
Nov
Dec *
120. 2
121. 1
122. 2
123. 4
123.7
124. 1
124.9
125. 6
126.7
126.5
126. 8
127. 0
127.3
126. 6
119. 5
120. 4
121. 4
122. 7
123. 4
123. 8
124. 9
125. 6
126. 5
126. 1
126. 3
126. 3
126. 9
127. 1
115. 3
116. 3
117. 5
118.7
119. 9
120. 6
121. 9
123.0
123.8
122. 6
123.3
123. 6
124. 1
124. 0
125. 6
126. 2
127. 0
128. 4
128. 6
128. 4
129.2
129. 3
130. 6
130. 9
130. 7
130. 3
131. 2
131. 4
109. 7
108. 2
108. 5
110. 2
109. 5
109. 0
109. 1
109.5
111. 0
111. 5
111. 8
111. 3
110. 4
108. 9
148. 2
148. 5
151. 0
150. 5
149. 6
148. 7
149. 5
151. 6
154. 8
154. 8
155. 8
156. 2
153.5
144. 5
116. 3
116. 8
118. 6
119. 3
119. 6
120. 0
120. 8
121. 3
122. 1
121. 4
122. 4
122. 8
123. 2
122. 0
127. 4
127. 7
129. 8
130. 2
130. 8
130. 9
131. 7
131. 9
132. 9
131. 2
132. 3
132. 8
133. 2
130. 7
100. 7
101. 5
102. 9
104. 1
104. 1
104. 7
105.7
106. 6
107. 3
107. 6
108. 5
108. 8
109.3
109. 9
127. 6
127. 7
128. 4
129. 5
129. 4
129. 3
130. 5
132. 0
132. 5
132. 1
131. 0
130. 5
131. 2
131.0
122. 8
124. 4
124, 5
126. 7
127. 0
127.7
128.3
129. 0
130. 9
130.9
131. 3
131. 5
131. 3
131. 0
Source: Board of Governors of the Federal Reserve System.
16
"RODUCTION OF SELECTED MANUFACTURES
|ith the exception of motor vehicles production, which dropped by nearly 10 percent, durable manufactures (seasonJy adjusted) showed strong gains in December. In the nondurable sector, gains in paper and printing and chemicals,
petroleum, and rubber were partially offset by declines in textiles, apparel, and leather and food and tobacco.
Index, 1967=100 (SEASONALLY ADJUSTED)
160
Index, 1967=100 (SEASONALLY ADJUSTED)
140
TEXTILES, APPAREL,
AND LEATHER
PRIMARY METALS
, r , ! i I i . . , . I . . r , , ! , • i , I
1970
SOURCE:
1973
BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Durable manufactures
Period
Primary
metals
Nondurable manufactures
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated
Machin- tation
and
and
apparel,
petroery
metal
equipand
prodprint- leum, and tobacco
products
ment
leather
ing
rubber
ucts
1966
1967
1968
1969
1970
1971
1972
1973 »
108. 8
100. 0
103. 2
114. 1
106. 9
100. 9
113. 1
127. 0
100. 5
100. 0
106. 3
113. 6
109. 4
107. 4
114. 8
130. 8
98. 6
100. 0
101. 9
106. 8
100.3
96. 2
107. 5
125. 9
101. 2
100. 0
109. 7
107. 6
90. 4
92. 9
99.0
109. 2
98. 4
100.0
104. 8
108. 6
106. 3
113. 9
122. 4
101.7
100. 0
104. 9
105. 9
100. 2
100. 7
108. 1
114. 7
98. 9
100. 0
104. 2
109. 1
107. 8
107. 8
116. 1
122. 3
94. 1
100. 0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3
97. 0
100.0
103. 6
107. 5
110.8
113. 7
117. 6
122. 0
1972: Nov
122. 9
125. 4
122. 2
122. 3
115. 7
116. 8
105. 0
106. 6
126. 8
122. 7
113. 0
113. 2
120. 0
120. 3
142. 0
143. 8
119. 0
118. 5
123. 1
124. 7
123. 5
125. 8
126. 1
124.5
128. 1
125. 6
127. 8
130. 8
130.0
130.4
125. 7
126. 2
128. 4
128. 9
130. 3
133. 4
133. 5
133. 8
131. 5
132. 6
132.9
134. 1
118. 4
119. 1
121. 4
122. 6
124. 7
126.9
127.6
128. 5
130.0
128. 5
130. 5
131. 0
107. 6
110. 0
110. 3
110. 0
111. 0
112. 2
112. 1
105. 7
107.3
108.9
108.3
103. 3
125. 8
128. 5
129. 5
129. 1
127. 5
126. 6
125. 4
128.4
128.9
127.4
132.6
113.
114.
114.
114.
113.
115.
114.
115.
117.
116.
116.
116.
120. 0
121. 5
122. 4
120. 8
121. 9
122. 8
123. 8
124. 5
122. 1
121. 3
121. 7
122. 6
145. 5
146. 3
146. 3
147. 9
150. 2
149. 8
151. 8
151.0
150. 9
151. 1
151. 0
151. 6
119. 6
122. 0
121. 5
120. 7
121. 5
119. 5
121. 3
122. 0
122. 2
121. 9
124. 8
124.4
Dec
1973: Jan
Feb
Mar
Apr
_
_
May
_
June _
Julv
Aug
_
__
Sept_ _ _
_ .
Get _
Nov *__
Dec *__ _ __
_ __
_ _ _
4
4
6
0
3
0
5
4
5
2
2
0
Source: Board, or Governors o! the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production declined in December. An exception was distribution of electric power, whi
showed an increase.
MILLIONS OF TONS
MILLIONS OF SHORT TONS
16
f
' J F M A M J
BILLIONS OF KILOWATT HOURS
J
A
S
O
N
D
"
J
F
M
A
M
J
J
A
S
O
N
D
50
200
30
100
H i I II ! , . 1 I, i t i I t . I I m l
20^
J
F
M
A
M
. HI 1 . . . I t t i l I I t , ! t t , I t .. . 1 f I til
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Period
Weekly average:
1967
1968
1969
1970
1971
1972 9
1973 »
1972: Nov
Dec.__
1973: Jan
Feb
Mar.__ _
Apr ._
May__
JuneJuly
Aug. _ _ _
Sept
Oct
Nov
Dec*.Week ended:
1973: Dec 15
22
29
1974: Jan 5
12
19
26
1
2 Includes
data for Alaska.
Not charted.
18
Steel pi•oduced
Index
Thousands
(1967=
of net
100)
tons
A
S
O
N
D
COUNCIL OF ECONOMIC ADVISERS
Electric
Bituminous Freight Paperboard
Car B and triicks
power
coal mined
loaded
produced assembled (thoiisands)
distributed (thousands (thousands
(thousands
of short
(millions of
of cars)
of tons)
Total Cars Trucks
kilowatt-hours) tons) 1
2,440
2, 515
2, 709
2,522
2, 310
2,549
2,885
2,657
2, 687
2,793
2,906
2, 954
2, 981
2,974
2, 911
2,781
2, 750
2,857
2, 906
2, 934
2,879
100. 0
103. 1
111. 0
103. 4
94. 7
104.5
118. 2
108.9
110.2
114. 5
119. 1
121. 1
122. 2
121.9
119.3
114. 0
112.7
117.1
119. 1
120. 3
118. 0
23, 169
25, 244
27, 588
29, 317
30, 923
33, 540
35, 834
33, 674
35, 264
35, 861
35, 800
33, 643
33, 164
33,543
38, 061
39, 417
39, 783
36, 572
34, 762
34, 336
34, 911
10, 627
10, 485
10, 779
11, 595
10, 619
11,450
11, 346
11, 534
10, 510
10, 598
11, 059
11, 116
10, 945
11,493
10, 498
9,621
12, 090
12, 054
12, 175
11, 530
11, 111
540
543
543
522
486
502
525
526
472
491
509
515
518
543
545
504
543
543
564
536
487
439
479
507
489
501
548
571
564
539
512
583
593
584
589
583
518
591
548
589
581
575
172.9
207.6
195. 8
158. 9
204. 8
217.3
243.6
257. 1
202. 5
261. 3
277. 6
276. 1
262. 0
269. 9
280. 1
216. 6
151. 5
234. 3
269. 2
257.4
177.0
142. 4
170.1
158. 1
125. 9
165.0
169. 6
185. 8
200. 9
157.8
201. 5
213. 3
212. 1
200. 8
207. 3
216. 7
164. 4
106.5
179. 0
208.8
198. 5
129. 0
30. 5
37.5
37. 8
33. 0
39. 8
47.6
57. 8
56. 3
44.7
59.8
64. 3
64. 1
61.2
62. 6
63.3
52. 2
45. 0
55. 3
60. 5
58. 9
48. 0
2,926
2,851
2,790
2,847
2,835
2,887
2, 900
119. 9
116. 9
114.4
116. 7
116.2
118. 3
118. 9
36, 113
36, 879
31, 952
34, 695
36, 558
35, 531
2
34, 602
12, 555
11,250
7,945
9,885
10, 780
11, 710
543
492
357
405
492
505
520
573
593
551
253. 6
184. 6
.2
126. 5
189. 3
195. 8
221. 3
189. 3
124. 7
64.3
60. 0
.2
36. 2
58.8
62.2
62. 9
579
575
.0
90.3
130.5
133.6
158.4
Sources: American Iron and Steel Institute, Edison Electric Institute, Depp
ment of the Interior, Association of American Railroads, American Paper IT
tute, and Ward's Automotive Reports.
_NEW CONSTRUCTION
xording to preliminary estimates, expenditures for new construction (seasonally adjusted) declined about 2 perit in December. There were declines in both the private and public sectors.
BILLIONS OF DOLLARS
160
BILLIONS OF DOLLARS
160
TOTAL NEW
I I I I I I I I i I I t I I 1 1 I I I I t 1I i l l I t
> > I t
CONSTRUCTION
I I I t
I t
t I 1t I I 1 I f
I I 1t t I I I I ! \ I 1I ! I ! I t
I ! f i t t i t 1 t ! Ih 20
20
1967
I
1968
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1968
1969
1970
1971_ _
1972 _
1973*
Total new
construction
expenditures
86.6
93. 4
94. 2
109.2
123. 8
135. 5
Total
59. 0
65.4
66. 1
79.4
93.6
102. 9
Private
Resic ential
CommerNew
cial and
Total i
housing
industrial
units
Bi llions of doll ars
24. 0
30. 6
13. 8
25. 9
33. 2
16. 2
31. 9
24. 3
16. 3
43. 3
17.0
35. 1
54.2
18. 1
44.7
57. 9
21. 6
47.7
Other
Federal,
State,
and
local
14.7
16.0
17. 9
19. 1
21.3
23. 5
27. 6
28.0
28. 1
29.9
30.2
32. 6
21. 8
22. 1
22.3
22. 4
22. 6
22. 5
22. 4
22. 9
23. 0
23. 5
23.5
23.3
24.6
25.4
25.3
32. 3
29. 3
33. 1
33. 7
32. 3
33. 6
32. 6
32. 3
31. 0
31.5
31. 1
33.2
33. 5
33.8
33.5
Seasonall j adjusted at inual rates
1972: Oct
Nov
Dec
1973: Jan
Feb
Mar__ _ _
Apr.
May _ _ —
June _
July
Aug
Sept
Oct
Nov v»
Dec
128. 5
126. 8
131. 6
135. 7
136. 4
137.5
133.8
134. 1
133. 8
136. 9
136.9
136. 9
136. 5
136.8
133.6
96. 2
97.5
98. 5
102.0
104. 1
103. 8
101. 2
101.8
102. 8
105.4
105. 8
103.7
103.0
102.9
100. 1
56.4
57.2
57. 5
59.4
61. 5
60. 7
58. 0
57. 5
58. 2
59. 4
59.8
59. 0
56. 3
54. 6
52.6
46.9
47. 8
48. 0
48. 1
49. 4
49. 6
48. 9
49. 2
49. 5
49. 5
49. 3
48. 2
46. 0
44. 1
41.9
Includes nonhousekeeping residential construction and additions and alterabs, not shown separately.
. Dodge series. Relates to 50 States beginning 1969 for value index and
' F. W.
ginning 1971 for floor space.
18. 1
18.2
18. 6
20. 3
20. 1
20. 6
20. 8
21. 5
21. 6
22. 5
22. 5
21.4
22. 1
22. 9
22.2
Constructio neon tracts f
CommerTotal value cial and
index,
industrial
(1967= floor space
100)
(millions of
square feet)
113.2
123.7
123. 1
145. 4
165. 3
181.3
779
883
743
727
854
171
177
163
181
191
193
177
173
183
175
199
182
191
194
161
895
992
946
1,021
Seasonally
Seasonally adjusted
adjusted
annual
rates
1, 031
1,037
1,012
1,006
915
1,014
1, 196
1, 155
1,025
1, 122
1,063
798
Sources: Department of Commerce and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
After rising 3 percent in November, seasonally adjusted private housing starts fell 20 percent in December to an ann
rate of 1,355,000 units—the lowest since May 1970. Permits for future housing starts were down 6.3 percent.
MILLIONS OF UNITS
MILLIONS OF UNITS
3.0
3.0
1.0
t.O
1967
I
1968
1969
i
1970
1973
1971
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF COMMERCE, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND VETERANS ADMINISTRATION
[Thoiisands o; units]
Hou sing star ts
Period
1968 _
1969
1970
1971.
1972__
1973*
1972: Nov
Dec
1973: Jan _ _ .
FebMar
Apr
May
June
July
__ _
Aug
Sept
Oct,__
Nov v
Dec *__
_
_
Total
private
Total
and
private
public (includ(including
ing
farm)
farm)
Total ( including5 farm)
Total
___ 1, 545. 4
__. 1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5
2, 053. 8
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 041. 6
1, 507. 6
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 041. 6
187. 1
152. 7
147. 3
139. 5
201. 1
205.4
234.2
203. 4
203. 2
199. 9
148. 9
149. 5
132. 9
88.6
185.7
150. 5
146. 6
138. 0
200.0
205. 0
234.0
202. 6
202. 6
197. 2
148. 4
147. 1
131. 6
88. 5
2,395
2, 369
2,497
2, 456
2, 260
2, 123
2, 413
2, 128
2, 191
2, 094
1,804
1, 646
1,696
1, 355
20
Cover nment
home p rograms
(norti arm)
Two or
VA
more
FHA l
units
899.4 608. 2
147. 7
56. 1
810. 6 656. 2
153. 6
51. 2
812. 9 620. 7 233. 5
61. 0
1, 151. 0 901. 2 301. 2
94. 0
1, 309. 2 1, 047. 5 198.4 104. 0
1, 131. 4 910. 2
73.6
86. 1
Seasona lly ad jus ted annu al
1,324
1,071
125
92
1, 162
1,207
106
86
1,450
1,047
87
96
1,084
1, 372
111
105
92
1,245
1, 015
101
921
74
1, 202
100
1, 142
1, 271
111
81
1, 124
1, 004
80
88
944
1,247
80
87
969
69
1, 125
91
One
unit
J Units are for 1- to 4-family housing
Authorized by issuance of local Duilding pentnit: in 14, OC 0 permit-issiling
places beginning 1972; 13,000 for 1967-71; 12,000 for 1 363-66; and 10 ,000 prior to 1963.
2
Propos ed home
constriiction 3
Private
982
956
936
762
822
690
760
593
8
68
52
57
37
71
62
56
64
New
private
housing
units
authorized 2
1, 353. 4
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 771. 3
rates
2, 226
2, 399
2, 233
2, 209
2, 129
1,939
1,838
2, 030
1, 780
1, 750
1, 596
1, 316
1, 314
1, 231
Applications for Requests
for VA
FHA
appraiscommitals
ments !
168. «,
187. 6
315. 0
366. ;:
225.2
83. 2
131. 7
138. 2
143. 7
217. 9
209. 4
161. 8
162
131
124
100
93
68
89
103
93
70
94
50
57
30
207
194
222
217
201
169
161
166
135
143
133
141
136
119
Units repres en ted by nlortgaee ap plications or ap praisal requ ests for new
hoine construct!on.
s
ources: Dep artment of Commerce , Department of Housing and Url
De pelopment, aiad Veterans Administr ation.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Vnbined manufacturing and trade sales (seasonally adjusted) rose 1.8 percent from October to November. Inventories
>wed their largest monthly increase in the postwar period. Slumping auto sales were a key factor in the decline in
ail sales in December.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
240
(SEASONALLY ADJUSTED)
RETAIL TRADE (ENLARGED SCALE)
220
200
180
160
140
120
100
8GT
RETAIL INVENTORIES
60
40
20
1971
1974
1973
1972
1974
1971
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total b usiness l
Period
1966
1967
1968
1969
1970
1971
1972 __
1973*
1972: Oct
Nov
Dec
1973: Jan
Feb
Mar
Apr
May
June
July
Aug..
Sept
Oct
Nov*
Dec*___
1
Sales
2
87, 178
89, 698
97, 100
103, 104
104, 708
112, 267
124, 680
144, 094
„_ 130, 336
131, 918
133, 483
136, 863
138, 910
141, 010
141, 274
142, 682
142, 311
146, 458
_ 146, 068
146, 241
150, 257
152, 957
Whol esale
Inventories 3
Sales
136, 729
145, 164
155, 376
166, 813
174, 875
183, 622
194, 151
215, 646
191, 583
192, 921
194, 151
196, 295
198, 172
199, 525
200, 787
202, 896
205, 252
206, 813
208, 668
210, 354
212, 417
215, 646
16, 979
17, 099
18, 329
19, 726
20, 554
22, 280
24, 850
30, 083
25, 779
26, 212
26, 962
27, 755
28, 423
29, 312
29, 621
29, 675
29, 528
30, 443
30, 692
30, 646
31, 918
32, 903
The term "business" also includes manufacturing (seepage 22).
°' Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
2
Sales2
R€;tail
[nventories
NonInvenDurable durable
tories 3
goods
Total
goods
stores
stores
Millions of dollars, seasonally adjusted
20, 691
21, 557
22, 528
24, 363
26, 604
28, 916
31, 732
36, 283
31, 032
31, 289
31, 732
32, 582
33, 051
33, 245
33, 574
33, 986
34, 148
34, 653
34, 964
35, 266
35, 379
36, 283
25, 330
26, 151
28, 490
29, 824
31, 294
34,071
37, 365
41, 979
39, 106
38, 713
39, 417
40, 707
41, 242
41, 979
41, 185
41, 723
41, 167
42, 767
42, 355
42, 535
43, 070
43, 035
42, 463
8, 192
8,348
9,268
9, 626
9,524
10, 985
12, 472
14, 297
13, 168
13, 173
13, 640
14, 234
14, 405
14, 612
14, 339
14, 299
13, 731
14, 409
14, 481
14, 267
14, 331
14, 157
13, 224
17, 138
17, 803
19, 222
20, 197
21, 770
23, 086
24, 893
27, 682
25, 938
25, 540
25, 777
26, 473
26, 837
27, 367
26, 846
27, 424
27, 436
28, 358
27, 874
28, 268
28, 739
28, 878
29, 239
Total
Durable
goods
stores
38, 073
38, 952
41, 973
45, 376
46, 626
52, 261
54, 700
60, 928
53, 934
54, 658
54, 700
55, 526
56, 039
56, 106
56, 636
57, 285
58, 079
58, 250
58, 797
58, 974
59, 814
60, 928
17, 258
17, 277
19, 167
20, 647
20, 345
23, 808
24, 442
26, 978
23, 675
24, 235
24, 442
24, 472
24, 638
24, 538
24, 624
25, 094
25, 454
25, 797
25, 850
25, 940
26, 467
26, 978
Based on seasonally adjusted data through November.
Source: Department of Commerce.
3
Nondurable
goods
stores
20, 815
21, 675
22, 806
24, 729
26, 281
28, 453
30, 258
33, 950
30, 259
30, 423
30, 258
31, 054
31, 401
31, 568
32, 012
32, 191
32, 625
32, 453
32, 947
33, 034
33, 347
33, 950
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Shipments and orders (seasonally adjusted) of durable goods manufacturers fell sharply in December. Auto manufc
turers and producers of defense goods accounted for much of the decline in new orders. Inventories of all manufacture
were up sharply.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
INVENTORIES
120
100
DURABLE GOODS
80
40
\
NONDURABLE GOODS
20
RATIO
I I I I I .)...! J...I. \ I I I I I I t I l » i t <
INVENTORY-SHIPMENTS RATIO
40
1.60
20
1971
1974
1974
1971
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh ipments l Manufad &urers7 inv entories 2
"D
* A
.renoa
Total
NonDurable durable
goods
goods
Total
NonDurable durable
goods
goods
Ma nufaeture rs' new ordcjrs 1
Total
Durafc )le goods
NonCapital durable
goods
Total
industries, goods
nondefense
Manufacturers'
inventoryshipments 3
Millions of dollars seasonal y adjuste d
1967
1968
.
1969
1970
1971
1972
1973 »
1972: Nov___
Dec_ _
1973: Jan
Feb
Mar
Apr_. __
May
June
July
Aug
Sept
Get
Nov »
Dec "
A
46, 449
50, 282
53, 555
52, 860
55, 917
62, 466
72, 207
66, 993
67, 104
68, 401
69, 245
69, 719
70, 468
71, 284
71, 616
73, 248
73, 021
73, 060
75, 269
77, 019
75, 548
25, 212
27, 694
29, 459
28, 231
29, 948
33, 892
39, 529
36, 870
36, 614
37, 773
38, 122
38, 064
38, 651
39, 284
39, 257
40, 779
39, 633
40, 162
41, 567
41, 896
40, 321
21, 236
22, 588
24, 096
24, 629
25, 969
28, 573
32, 679
30, 123
30, 490
30, 628
31, 123
31, 655
31, 817
32, 000
32, 359
32, 469
33, 388
32, 898
33, 702
35, 123
35, 227
84, 655
90, 875
97, 074
101, 645
102, 445
107, 719
120, 591
106, 974
107, 719
108, 187
109, 082
110, 174
110, 577
111, 625
113, 025
113, 910
114, 907
116, 114
117,224
118,435
120, 591
54, 931
59, 112
63, 371
66, 768
66, 050
70, 218
79, 104
69, 613
70, 218
70, 590
71, 136
71, 873
72, 213
72, 867
73, 801
74, 278
75, 213
76, 249
76, 951
77, 645
79, 104
Monthly average lor year and total lor month.
23 Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
22
29, 724
31, 763
33, 703
34, 877
36, 395
37, 501
41, 487
37, 361
37, 501
37, 597
37, 946
38, 301
38, 364
38, 758
39, 224
39, 632
39, 694
39, 865
40, 273
40, 790
41, 487
46, 763
50, 243
53, 646
52, 063
55, 732
63, 514
74, 621
67, 726
68, 908
70, 016
71, 022
72, 806
73, 325
74, 535
75, 361
75, 145
76, 113
75, 129
77, 758
79, 441
76, 660
25, 526
27, 666
29, 549
27, 431
29, 751
34, 867
41, 882
37, 462
38, 325
39, 218
39, 765
41, 021
41, 341
42, 449
43, 016
42, 697
42, 689
42, 259
44, 037
44, 315
41, 370
6, 971
7, 694
7,021
7, 339
8,983
11, 040
9,699
9, 991
10, 277
10, 105
10, 572
10, 619
10, 919
11,415
11, 404
11, 032
11,267
11, 595
11, 970
11, 600
21, 238
22, 577
24, 097
24, 632
25, 981
28, 648
32, 739
30, 264
30, 583
30, 798
31, 257
31, 785
31, 984
32, 086
32, 345
32, 448
33, 424
32, 870
33, 721
35, 126
35, 290
1. 76
1.74
1.76
1. 89
1. 82
1.67
1. 57
1. 60
1. 61
1. 58
1. 58
1. 58
1. 57
1.57
1. 58
1. 56
1. 57
1.59
1. 56
1. 54
1.60
shipments; for monthly data, ratio oi inventories at end of month to shipments
for month.
Source: Department oi Commerce.
MERCHANDISE EXPORTS AND IMPORTS
rong advances In U.S. merchandise exports continued through December, outpacing; for the year as a whole, the
creases in U.S. merchandise Imports. The result was a surplus of $1.7 billion In U.S. merchandise trade in 1973.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1973
1967
T/SEE NOTE BELOW.
SOURCE: DEPARTMENT Of
Period
COUNCIL OF ECONOMIC ADVISERS
COMMERCE
[Millions of dollars]
INlerchandi se export s
Merch andise irnports
Gent3ral impc>rts 3
Total (includ-l
Domesti 3 exports
2
ing ree xports)
Food, Crude
Food, Crude
Total
bever- mate- Manubever- mate2
rials
facSeasonages,
Season- Unad- Total i
rials
ages,
ally ad- justed
tured ally ad^ Unad- and to- and
and to- and
justed
bacco
justed
fuels
fuels
goods justed
bacco
Monthly average:
1966
1967
1968
1969
1970
1971
1972_______
1973
2,458
2, 586
2, 839
3, 111
3, 555
3,629
4, 102
5,900
2, 421
2,554
2, 802
3, 066
3,502
3,576
4,035
5,809
432
392
383
370
422
423
547
367
394
405
417
558
537
591
895
1, 078
1, 602
1,737
1,985
2,232
2,445
2,537
2, 813
3,725
2, 135
2,241
2, 769
3, 004
3, 329
3,797
4, 632
5 3 760
Feb
Mar
Apr. _ _
May
June
July
Aug
Sept
Oct
Nov
Dec
4,473
4,658
4,961
5, 067
5, 879
5,487
5, 601
5, 778
5, 874
6, 014
6, 448
6, 432
6, 819
6, 927
4, 5-83
4,691
4, 732
4,866
5, 922
5, 561
6,021
5, 858
5, 326
5, 787
5, 959
6, 749
7,091
6, 926
4, 497
4, 617
4,662
4,797
5,827
5, 457
5, 925
5, 754
5,244
5, 684
5,880
6, 634
7, ©01
6,842
711
749
753
747
884
843
903
1,023
980
1, 294
1, 284
1,327
1, 514
1,387
761
730
734
815
1, 0.23
897
§74
873
756
773
694
9S6
1, 118
1,105
^otal excludes Department of Defense shipments of,grant-aid military supand equipment under the Military Assistance Program.
Jtal includes commodities and'transactioms not classified according to kind,
>tal arrivals of Imported goods other than intransit shipments.
476
447
503
533
545
606
737
1,112
1 ? 204
1, 313
1, 719
1, 918
2, 159
2,535
3, 147
3,733
323
345
70
107
226
-168
-530
140
Unad justed
Uinadjuste«1
1972: Nov
Dec
1973: Jan
382
392
447
442
519
534
615
767
Grossmerchandise trade
Manu- balance,
seasonfactured ally adjusted
goods
2, 927
3,040
3,098
3, 139
3,828
3, 583
3, 942
3,725
3,383
3, 523
3, 811
4, 192
4,236
4, 244
5,148
5,002
5,265
§} 556
5, 437
5,292
5, 762
5, 7-94
5, 76-2
6, 021
5, 57'5
5, 904
6, 7-38
5,985
5,201
4,796
5, 407
4, 958
5, 600
5,349
6, 033
5, 901
5, 652
5, 997
5, 286
6, 373
6, 787
5,777
662
639
726
645
714
757
835
724
693
788
70-7
835
936
839
810
822
930
854
994
91-5
1, 070
1,077
1, 00-5
1,209
1, 103
1, 311
1,424
1,452
3, 585
3,190
3,588
3, 331
3, 742
3, 534
3,996
3, 933
3,800
3, 845
3, 332
4,067
4, 283
3, 331
— 675
-444
-804
-489
— 58
195
-161
-16
111
—7
873
527
m
942
NOTE.—Data adjusted t® include stiver ore and bullion reported sepaeailely
prior to 1969.
Source: Department ©f Commerce.
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The surplus on goods and services rose from $0.7 billion in the second quarter to $2.1 billion in the third quarter, 01
seasonally adjusted basis. This is the fifth quarter in a row that the balance on goods and services has improved.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
-3
I
1967
1968
1969
1970
1972
1971
SOURCE: DEPARTMENT OF COMMERCE
1973
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
M srchandise3 1 2
Period
1968- _
1969 _
19701971
1972 v
1973
Ex-
Im-
ports
ports
Net
balance
Netiiivestment i ncome
Militiiry trans actions
Direct
expenditures
Sales
33, 626 -32,991
635 -4, 535 1, 392
36, 400 -35,807
593 -4, 856 1, 512
41, 964 -39,788 2, 176 -4, 852 1,478
42, 768 -45, 466 -2, 698 -4, 829 1, 912
48, 769 -55,681 -6, 912-4, 724 1, 166
70, 310 -69, 516
794
Net
balance
Private 3
-3, 143
-3, 344
-3, 374
-2, 918
-3, 558
U.S.
Government
RemitBaltances,
penance
on
sions,
and
curother
rent
uniaclateral count
transfers l
2,465 -2,909
-443
1,891 -2, 941 - 1, 050
3,630 -3,214
416
807 -3, 598 -2, 790
-4, 610 -3, 744 -8, 353
Net
Baltravel
and
Other ance
on
transserv- goods
portaices,
and
tion
net
servexpendices l 4
itures
6, 157
63 - 1, 548
5,820
155 -1,782
6, 374
-115 — 2, 013
— 957 — 2, 288
8, 929
9, 751 - 1, 889— 2, 853
302
449
581
739
851
Seasonally adjusted
1972: I
II
11, 655 — 13, 475-1, 820 -1, 222
11, 539 -13, 313- 1, 774-1, 242
!!!___ 12, 362 -13, 935-1, 573 — 1, 108
IV____ 13, 213 -14, 958- 1, 745— 1, 151
1973: I* _ _ _ 15, 323 -16, 289 — 966 — 1, 168
II* _ 16, 781 — 17, 031 -250 -1, 185
in* 18, 158 -17,448 710 -1, 110
IV *_ 20, 048 — 18, 748 1; 300
1
328
288
262
287
343
455
534
— 894
— 954
— 846
— 864
-825
-730
-576
Excludes military grants.
2 Adjusted from Census data for differences in timing and coverage.
* Includes fees and royalties from U.S. direct investments abroad or from
foreign direct investments in the United States.
24
2, 290
2,252
2,
2,
2,
2,
3,
447
763
954
888
103
-399
-461
-497
-531
-755
-691
-679
-730
-645
-777
-792
-608
-703
-526
204 — 1, 374 -969
202 -1,426 -938
209
-939 -954
237
-870 -881
234
150 -742
674 -1, 041
240
225
2, 148 -931
-2, 343
-2, 364
- 1, 893
-1, 751
-592
-367
1,217
4 Equal to net exports of goods and services in the national income and product
accounts oi the United States when converted to an annual rates basis.
*Merchandise data revised; other data to be revised later.
Source: Department of Commerce.
T
S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
I U.S. balance of payments on an official reserve transactions basis was in surplus by $2.1 billion on a seasonally
justed basis in the third quarter. This surplus reflects fairly large-scale intervention by the Bank of Japan as well
central banks in Europe to slow the decline of their currencies relative to the dollar. The balance on current account
nd long-term capital was in surplus by $2.5 billion, reflecting net surpluses in both foreign trade and investment.
BILLIONS OF DOLLARS
5
BILLIONS OF DOLLARS
5
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
-15
T967
1973
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
NonLong-ter m capital Balance liquid
on
flows3, net
current shortterm
account private
U.S.
and long- capital
2
GovernPrivate
term
ment 1
capital flows
net 2
1967
1968
_
1969
1970
1971
_
1972___ _
— 2, 423 -2,932 -3, 304 -522
-2, 158
231
1, 191 -1,411
-1,926
-70 -3,046 -640
-2, 018 - 1, 429 -3, 031 -482
-2, 359 -4,401 -9, 550-2, 347
-152 -9, 843 — 1, 637
— 1, 339
Allocations
of
special
drawing
rights
Errors
and
omissions,
net
Net
liquidity
balance
Liquid
private
capital
flows,
net 2
Official
reserve
transactions
balance
Changes
in liabilities
to
foreign
official
agencies,
net 3
U.S.
Changes official
in U.S. reserve
official
reserve assets,
net
assets,
(end of
net 4
period)
— 857 -4, 683
1,265
3,418
52
3, 366
-431 — 1, 611
3, 252
1,641
-880
-761
-2, 395 -6, 081
8, 820
2, 739 -1, 552 — 1, 187
867 -1,205 -3, 851 -5, 988 -9, 839
7, 362
2,477
717 -10, 784 -21, 965 -7, 788 -29, 753 27, 405
2, 348
3,542 -10, 340 10, 308
32
710 -3, 112 -13, 882
14,
15,
16,
14,
6
12,
13,
5
Unadjusted
Sea sonally ad jus tec
1972:1
!!_„__
Ill—
IV- —
1973: I
!!_.__
III"_
1
-289 -1, 143 -3, 775 -535
604 — 1, 855
-95
310
-366
-393 -2, 652 -430
-586
781 -1, 556 -982
-336
-944 — 1, 822
-16
75
-317
-609 - 1, 404
-363
1,685
2, 539
234
944
178
-940
178
177 -1, 626
177 -1,490
-3, 891
425
-1, 355
Excludes liabilities to foreign official reserve agencies.
Private foreigners exclude the IMF, but include other international and
•regional organizations.
s
Includes liabilities to foreign official agencies reported by U.S. Government
d U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
and gold deposits with, the United States.
Official reserve assets include gold, special drawing rights, convertible curcies, and the U.S. gold tranche position in the IMF.
2
-3, 188
-288 -3, 476
3,047
-2, 307
1, 082
1, 456
-851
-4, 531
7 -4, 524
4, 579
2, 367 - 1, 484
-3, 851
1, 595
-6,657 -3, 842-10,499 10, 279
-352
-1, 588
1, 923
335
690
2, 108 -2, 095
1, 418
830
710
964
487
167
151
429
-231
-55
-111
220
17
-13
7
12, 270
13, 339
13, 217
13, 151
12,931
12,914
12, 927
6
Includes gain of $67 million resulting from revaluation of the German mark
in 6October 1969.
Includes $28 million increase in dollar value of foreign currencies revalued to
reflect
market exchange rates as of Dec. 31,1971.
7
Includes increase of $1,016 million resulting from change in par value of the
U.S. dollar on May 8.
Sources: Department of Commerce and Treasury Department.
25
PRICES
CONSUMER PRICES
In December, the consumer price index rose 0.7 percent (0.5 percent seasonally adjusted). Higher energy prk
accounted for over a third of the rise. Food prices were up 0.9 percent (0.3 percent seasonally adjusted). Nonfooc
commodity prices increased 0.6 percent (0.7 percent seasonally adjusted) and services prices rose 0.6 percent.
Index, 1967 =100
160
index, 1967 =100
160
110
110
100
100
1974
1968
SOURCE:
DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967
AH
Period
1965
1966_
_ _ __ _
1967.
1968
1969_
1970
1971
1972
1973
1972: Nov
Dec. _ _
___ ___
1973: Jan
Feb
Mar__
Apr_
_ _ _
May _
June
July —
__
Aug__.
Sept..
Oct
N-QV _
Dec
„
Source: Department of Lafeor.
26
items
__
94. 5
97. 2
100. 0
104. 2
109. 8
116. 3
121. 8
125. 3
133. 1
126. 9
127. 3
127.7
128. 6
129. 8
130. 7
131.5
132. 4
132.7
135. 1
13-5. 5
136.6
137.6
138. 5
All commodities
95. 7
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129. 9
122. 7
122. 9
123.4
124. 5
126. 1
127. 4
128. 3
129. 4
129.7
132.8
132. 8
133. 5
134. 7
135.7
= 100]
Services
Commoditie 3
Comm odities leg5s food
Services
All
Food
less
Nonservices Rent
All
Durable durable
rent
94. 4
99. 1
100. 0
103. 6
108. 9
114, 9
118. 4
123. 5
141. 4
125.4
126. 0
128. 6
131. 1
134. 5
136.5
137. 9
139. 8
140. 9
149.4
148. 3
148. 4
150.0
151. 3
96. 2
97. 5
100. 0
103. 7
108. 1
112. 5
116. 8
119. 4
123. 5
121. 0
121. 1
120. 5
120. 9
121. 5
122. 3
123. 0
123. 7
123. 5
123. 8
124. 3
125.4
126.3
127.1
98. 4
98. 5
100. 0
103. 1
107. 0
111. 8
116. 5
118. 9
121. 9
120. 3
120. 3
119. 9
119. 9
120. 2
121.0
121. 8
122. 3
122.4
122. 6
122. 6
123. 2
123. 3
123. 2
94. 8
97. 0
100. 0
104 1
108. 8
113. 1
117.0
119.8
124. 8
121.7
121. 7
120. 9
121.6
122. 4
123.3
124.0
124. 7
124.4
124. 7
125. 5
127.0
128. 5
130. 0
92. 2
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133.3
139. 1
134.9
135.4
135.7
136.2
136. 6
137. 1
137. 6
138. 1
138.4
139. 3
140.6
142. 2
143.0
143. 8
96. 9
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124. 2
120. 5
121. 0
121. 8
122.3
122.8
123. 2
123. 7
124, 0
124. 4
125. 0
125. 4
125.9
126.3
126. 9
91.5
95. 3
100. 0
105.7
113. 8
123. 7
130. 8
135. 9
141. 8
137. 6
138. 0
138. 3
138.7
139. 2
139. 6
140. 1
140.7
141. 0
141. 9
143.4
145. 2
146.1
146.9
WHOLESALE PRICES
wholesale price index rose 2.5 percent in December (2.2 percent after adjustment for seasonal factors). Prices
arm products and processed foods and feeds increased 2.2 percent (1.4 percent seasonally adjusted). Industrial
mmodity prices were up 2.7 percent (2.6 percent seasonally adjusted), almost half of which reflected a substantial
ise in prices of fuels and power.
Index, 1967
200
FARM PRODUCTS AND
PROCESSED FOODS AND FEEDS
120
100
100
1968
1974
SOURCE: DEPARTMENT OF lABOf?
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Period
1965
1966
1967
1968
1969
1970
1971
1972
1973 »
1972: Nov
Dec
1973: Jan
Feb
Mar
Apr
May
June_
July
Aug
Sept___
Get
Nov
Dec
_
__ _
_ __
_
All
commodities
Farni products5 and
processekd foods a nd feeds
ProcFarm
essed
Total
prodfoods
and
ucts
feeds
96. 6
99. 8
100. 0
102. 5
106. 5
110. 4
113. 9
119. 1
135.5
120. 7
122. 9
124. 5
126. 9
129. 7
130. 7
133. 5
136. 7
134.9
142. 7
140. 2
139. 5
141. 8
145. 3
97. 1
103. 5
100. 0
102. 4
108. 0
111. 7
113. 8
122. 4
159. 1
125.3
132. 6
137. 0
142. 4
149. 0
147. 9
154. 9
163. 6
156. 9
184.5
173.5
166. 8
164. 4
168. 0
98. 7
105. 9
100. 0
102. 5
109. 1
111. 0
112. 9
125. 0
176. 3
128. 8
137. 5
144. 2
150. 9
160.9
160. 6
170. 4
182. 3
173. 3
213. 3
200. 4
188.4
184. 0
187. 2
95. 5
101. 2
100. 0
102. 2
107. 3
112. 1
114. 3
120. 8
148. 1
123. 1
129. 4
132. 4
137. 0
141. 4
139. 8
145. 0
151.8
146. 5
166. 2
156. 3
153. 1
151. 9
155. 7
Coverage of the subgroups does not correspond exactly to coverage of this
jx.
Excludes crude foodstuffs and feedstuHs, plant and animal libers, oilseeds, an "
J tobacco.
IT idustrial c ommoditi es
All industrials1
Crude
materials2
96. 4
98. 5
100. 0
102. 5
106.0
110. 0
114. 0
117. 9
127. 0
119. 1
119. 4
120. 0
121. 3
122. 7
124. 4
125.8
126. 9
126. 9
127. 4
128. 1
129. 6
133. 5
137. 1
100.9
104, 5
100. 0
102. 0
110. 6
118. 8
122. 7
131. 1
155.2
136. 3
136. 8
139. 1
142. 3
142.5
146. 8
149. 6
152. 8
153. 5
156. 0
161.0
164. 7
174. 2
179. 8
Inter- Producmediate er finmate-3
ished
rials
goods
96.9
98.9
100. 0
102. 6
106. 1
110. 0
114. 3
118. 9
128. 4
120. 3
120. 5
121. 2
122. 6
124. 8
126. 6
128.0
128. 9
128.7
129. 5
130. 3
131. 2
133. 5
135. 9
94. 4
96. 8
100. 0
103. 5
106. 9
111. 9
116. 6
119. 5
123. 5
119. 9
120. 3
120. 6
121. 2
121.7
122. 3
123. 1
123.4
123. 5
123. 9
124. 2
125. 1
125. 7
126. 7
ConsuD aer finished g<)ods exeludingl foods
NonDurdurable
able
97. 9
98. 5
100. 0
102. 2
104.0
107. 1
110. 9
113. 2
115.8
112. 8
113. 7
113. 8
114. 0
114.5
115.3
115. 7
115. 9
116. 1
116. 3
115. 8
116. 7
117. 0
117. 9
95.9
97. 8
100. 0
102. 2
105. 0
108. 2
111. 3
113. 6
125. 9
115. 0
115. 2
115. 4
117. 4
117.8
119. 8
121. 6
124. 7
124. 5
124. 5
124. 8
128. 2
140. 9
151. 1
a Excludes intermediate materials for food manufacturing and manufactured
animal'feeds; includes, in part, grain products for further processing.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
In the month ended January 1 5, prices received by farmers increased 9 percent. Contributing most to the increase v\
higher prices for cattle, cotton, wheat, hogs, corn, potatoes, and calves. Prices paid rose 2 percent. Both the actual
and adjusted parity ratios rose.
Index, 1967=100.
Index, 1967 =100
220
220
200
140
120
100
RATIO J/
120
RATIO J/
120
PARITY RATIO (ACTUAL)
ioa
100
/\
on
*
90
^0*
80
QA
70 -""'• -•'"•"---v....^-----tfn:"'X,..*..*X..,., yf^TTTTT^f^TT^
AO i i i i i I i i i i i t i i i i I t i i i i I , 1 I I 1 , , . .
70-
V
*».J
1968
|
1969
I
I
1970
1971
i
1972
1973
1974
J/ RATIO OF INDEX OF PRICES'RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices received by "armers
Period
1965
1966__
1967___
1968
1969
1970
1971 _
1972
1973
1972: Dec 15
1973: Jan 15 _ _ _
Febl5___ _
Mar 15
Apr15 _ _ _ _ _
May 15 _.
June 15 _ July 15
Aug 15
Sept 15- _ _. __ _._
Oct 15 _ _ ___ ___
Nov 15.
__
Dec 15
1974: Jan 15
All farm
products
98
105
100
103
108
110
112
126
172
137
144
149
159
157
163
172
172
207
191
184
181
184
200
Crops
103
105
100
101
97
100
107
115
164
127
131
133
140
143
154
170
164
195
183
182
181
193
211
Prices paid by farmers
items, Family
Livestock All
Producinterest,
and
living
tion
taxes,
and
products wage rates
items
items
Index, 1967=100
94
94
96
95
105
98
98
99
100
100
100
100
104
102
104
104
117
106
109
109
114
114
118
110
116
120
119
115
124
122
127
134
145
178
138
146
131
127
145
129
134
132
153
129
134
136
131
161
132
174
138
138
134
140
168
139
143
136
143
169
138
173
146
149
138
148
146
179
141
151
217
157
142
154
150
198
142
150
153
187
182
153
151
146
154
178
147
156
157
149
191
161
'Percentage ratio of index of prices received by farmers to index oi prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio 1
Actual
77
80
74
73
74
72
69
74
88
78
80
82
86
83
85
87
88
102
95
91
89
89
94
Adjusted 2
82
86
79
79
80
77
74
79
91
83
82
85
89
87
89
91
92
107
99
95
93
92
95
2
The adjusted parity ratio reflects Government payments made direct!
farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
[ONEY STOCK
i he seasonally adjusted money stock increased at an annual rate of 7.4 percent in December. From January to
December it grew at a 5.8 percent annual rate.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
160
160
1974
1968
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, billions of dollars]
|
Ivloney stoc k
U.S.
Time
Time
GovCurCurand
and
ernDeDerency
rency
savings
savings
ment
mand
mand
Total
outoutTotal
dededemand
dedeside
side
posits 1
posits 1
depositsl
posits!
banks
banks
posits l
Seasonal! 37 adjusted
Una d jus tec1
201. 5
43. 4
158. 1
44. 3
204. 2
163. 3
207.6
5.0
203. 2
162. 5
208. 6
46. 1
194. 4
167. 7
214. 7
46. 9
193. 2
5. 6
221. 2
172. 2
49. 1
50. 0
177. 7
229. 2
227. 6
228. 1
7.3
182. 6
52. 6
235. 2
53.5
188.4
270. 9
6. 9
241.9
269. 8
255. 7
56. 9
198. 7
57. 9
205. 1
313. 3
263. 0
311.8
7.4
270. 4
61. 6
208. 8
62. 6
363. 1
215. 5
361.8
6. 3
278.1
252. 6
56. 3
196. 3
56.7
254.2
197. 4
307.8
309. 4
6. 3
255.7
56. 9
198. 7
57.9
205. 1
313. 3
7.4
263. 0
311. 8
256. 7
57. 1
206. 8
199. 6
56. 8
263. 5
317. 6
316. 9
8. 1
57. 5
200. 4
257. 9
198. 4
323. 5
56. 8
323. 3
255. 2
9. 9
58. 0
200. 1
57. 4
332. 6
258. 1
331. 1
198. 1
10. 4
255. 5
58. 6
200.8
259. 4
202.6
337.6
58. 3
260. 9
337. 3
8. 3
262. 4
58.9
203. 4
342. 6
58. 7
342. 6
257. 9
199. 2
8.7
59. 4
265. 5
206. 2
204. 1
59. 4
345. 8
263. 6
344.5
7. 1
266. 4
59. 5
349.4
207. 0
59. 9
205. 7
347. 6
6. 5
265. 7
266. 2
59. 8
206. 4
202. 9
262. 9
60. 0
356. 6
4. 1
355.0
60. 2
265. 4
205. 2
263. 9
357. 9
60. 1
203.8
359. 2
5. 3
60.4
206. 1
266. 5
60.4
358. 9
266. 0
360. 2
6. 0
205. 6
60. 9
268. 8
207. 9
209. 1
270. 7
61. 4
359. 9
358. 7
4. 3
270. 4
61. 6
208. 8
363. 1
62.6
278. 1
215. 5
361. 8 |
6. 3
$donev stoc k
Period
1968:
1969:
1970:
1971:
1972:
1973:
1972:
Dec
Dec
Dec
Dec
Dec__p
Dec _
Nov
_ _ _ __
_ _ _ _
Dec
1973: Jan
Feb
Mar_
Apr_
_ ._
May
June
July
Aug..
Sept
Get
Nov
_
Dec* __
deposits at commercial banks.
Note.—Series revised beginning 1967.
Source: Board of Governors of the Federal Reserve System.
29
PRIVATE LIQUID ASSET HOLDINGS - NONFINANCIAL INVESTORS
Private nonfinancial investors increased their holdings of liquid assets in December by $9.7 billion (seasonally ad
justed). More than half of the increase was due to time deposits at commercial banks and nonbank thrift institution!
BILLIONS OF DOLLARS
1,200 I
BILLIONS OF DOLLARS
1,200
AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
I
1,100
1,100
1,000
1,000
TOTAL LIQUID ASSETS
900
900
800
800
700
700
X \
CURRENCY AND DEPOSITS
600
600
500
500
\ \ \ I M M M I 400
!. | I M I I I II 1
400
1969
1968
1971
1970
1972
1974
1973
COUNCa OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Curn3ncy and deposits
Total
liquid
assets
Period
Time d eposits
TVvf o 1
Currency
Demand
deposits
Pnm
banks
1967: Dec
1968: Dec
1969: Dec
1970: Dec
1971: Dec
1972: Dec
1973: Dec *
1972: Nov
Dec
1973: Jan __
Feb
Mar
Apr__
May
June
July
Aug _ _ _ _
Sept
Oct
Nov
Dec »
ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities
Negotiable
certificates of
deposit
Commercial
paper
640. 4
699.8
730. 3
780. 8
863. 9
975. 1
1, 080. 9
520. 3
564. 2
582. 1
630.7
718. 6
814. 7
887. 5
40. 4
43. 4
46. 1
49. 1
52.6
56. 9
61. 6
129. 4
139. 4
143.4
151. 5
160.6
174.7
184, 3
156. 3
174, 5
177. 2
198. 7
233.4
265.0
294.6
194. 2
206. 9
215.4
231.4
272. 0
318. 1
347. 0
51.0
51. 4
51. 1
51. 3
53,7
57.0
60.9
39.9
46. 9
64. 9
53. 3
40. 7
42. 8
52. 4
19. 1
22. 4
9. 0
23. 0
29.7
39.3
57. 2
10.4
14.9
23.3
22. 4
21. 2
21. 2
22.8
964. 4
975. 1
806.5
814. 7
56. 3
56.9
172. 5
174.7
262. 7
265. 0
315.0
318. 1
56. 7
57. 0
42. 0
42. 8
38. 2
39. 3
21. 1
21. 2
983. 2
992. 6
1, 004. 1
1, 014. 2
1, 026. 4
1, 037. 2
1, 045. 2
1, 053. 1
1, 058. 5
1, 064. 3
1, 071. 2
_ _ 1, 080. 9
822. 9
829.2
834.7
841. 0
848. 4
857. 3
861. 6
864.2
866.5
873. 3
880. 3
887. 5
57. 1
57. 5
58. 0
58.6
58. 9
59. 4
59. 5
59. 8
60. 2
60.4
60. 9
61. 6
175. 1
175. 7
175. 5
176. 5
178.9
181.4
182. 0
181. 2
179. 8
180. 9
183. 0
184.3
268.0
269.4
271. 6
273. 7
276.0
278. 7
280.4
283. 5
286. 0
289. 7
292. 1
294. 6
322. 7
326. 6
329. 5
332.3
334. 6
337. 8
339. 7
339.7
340.5
342. 3
344. 3
347.0
57.3
57, 6
57.9
58.2
58.5
58.8
59. 0
59. 3
59.4
60. 0
60.8
60.9
41.5
41. 1
42. 5
42.6
44, 2
' 45.2
45. 8
47.4
49. 0
50. 0
50. 9
52. 4
40. 2
44. 3
49. 6
53. 3
56.0
56.4
58. 4
60. 8
61. 0
58.0
56. 3
57.2
21. 3
20. 5
19. 5
19. 1
19. 1
19.6
20.4
21. 5
22. 6
23. 0
23. 0
22. 8
_
_
Note.—Series revised beginning 1967.
30
U.S. Grovemment se curities
Source: Board of Governors of the Federal Reserve System^
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Dtai loans and investments (seasonally adjusted) at all commercial banks increased at an annual rate of 1.5 percent
i December, down from a 5.7 percent annual rate in November. Net borrowed reserves decreased by $90 million
uring the month.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
ALL COMMERCIAL BANKS
! 600
600
500
TOTAL
IOANS AND INVESTMENTS
200
100
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
All commercial banks
(seaso nally adjust ed data)
End of period
L sans
Investraents
Total
loans
ComTotal,
and
U.S. Gov- Other
mercial
invest- excludernment
ments ing inter- and indus- securities securities
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annual1
rates
AL!! membe r banks ^
Total
reserves
]Millions o ? dollars
Billions of dollars
1968
1969
1970
1971
1972
1973*
1972: Dec
1973: Jan
Feb
Mar ___ _
Apr
_
May
_
June
July v
Aug » _ _ _
Sept"
Oct» p
Nov _
Dec p
3
390. 2
401. 7
435. 5
484.8
556. 4
625.4
556. 4
564. 7
575. 4
583. 6
589. 6
597.7
602. 0
608. 2
616. 0
618. 2
621. 7
624. 6
625. 4
258. 2
279. 1
291. 7
4
320. 3
377.8
444. 5
377.8
385.8
397. 2
405. 8
411. 1
417.4
420. 3
427. 3
435.3
438. 1
440. 0
443.6
444. 5
3
3
95.9
105. 7
110.0
115. 9
129. 7
156.3
129. 7
133.3
138. 1
141. 8
143. 9
146.8
148. 2
151. 4
153.6
154. 0
154.0
155. 5
156. 3
3
60.7
51. 5
57. 9
60. 1
61. 9
53.2
61. 9
61. 8
60.6
60. 4
61. 0
61. 0
61. 6
59. 6
57.7
56.3
54 9
54. 5
53. 2
1
Debits during period to demand deposit accounts except interbank and
U.S.
Government.
2
Averages of daily figures. Annual data are for December.
* Beginning June 1969, data include all bank-premises subsidiaries and other
ignifieant majority-owned domestic subsidiaries; earlier data include eombercial
banks only.
F 4 As of June 1971, Farmers Home Administration notes totaling about $0.7
Billion are classified as other securities rather than as loans.
Borrowings at
Excess Federal
Free
reserves Reserve reserves
Banks
71. 3
71. 1
85.9
104. 4
116. 7
127.7
116.7
117. 1
117.6
117. 4
117. 5
119. 3
120. 1
121. 3
123.0
123.8
126. 8
126. 5
127. 7
8
4
4,360
5, 150
5,717
6,448
7,530
8,179
8, 589
8, 842
9, 110
9, 039
9,270
9,410
9, 837
10, 141
9, 889
10, 251
10, 653
27, 221
28, 031
29, 265
31, 329
5
31, 353
34, 984 ,
31, 353
32, 962
31, 742
31,973
32, 277
32, 393
32, 028
33, 542
33, 785
34, 019
34, 912
34, 727
34, 984
455
257
272
165
5
219
193
219
342
205
295
152
118
59
343
246
237
200
204
193
765
-310
321
107
829
-49
58
1, 086
1, 049
1,298
1, 049
1, 165
1,593
1,858
6
1, 721
1, 786
1,789
2, 051
2, 143
1,861
1,467
1, 399
1,298
5 -830
-1,105
-830
-823
-1,388
-1,563
-1,569
— 1, 668
-1, 730
- 1, 708
- 1, 897
- 1, 624
-1, 267
-1, 195
-1, 105
6
Beginning November 9, 1972 adjusted to include certain reserve deficiencies
on which penalties can be waived for a transition period in CODII^-*^ with
adaptation
to Regulation-J.
6
Beginning April 1973, includes seasonal borrowings.
Source: Board of Governors of the Federal Reserve System.
31
Consumer credit (seasonally unadjusted) rose $3.8 billion during December, according to preliminary estirna
The increase a year earlier was $4.6 billion. Seasonally adjusted consumer instalment credit rose $1.2 billion.
BILLIONS OF DOLLARS
180
BILLIONS OF DOLLARS
1 180
160
20
16
SEASON MLY ADJUSTED (ENLARGEC SCALE)
/-X
INST>UMENT CREDIT EXT ENDED
\
12
in
0
s—^__~~—
/^/^
\
i—*/" —*~—"~""~3!r^^^^<r^2rr^xt -<-INSTALMENT C ^EDiT REPAID
—'
I
6 'ILL! ! !
1
1968
1
! I I f
1 1 I 1 1 1 ! t ! I t
!
1 1 1 1 I
1 I 1 1 1
! 1 1 !
1970
1969
! 1
1 I 1 1 !
1 t 1 1 1 1 1 I I ! !
I I 1 |
1972
1971
May
June
July
Aug
Sept
Oct
Nov 4
Dec
1 I !!
1 1
!
! I | I
1974
I 1 1 ! !K
N
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consum er instalme nt credit e xtended
Consu mer credit outstandin g (end of T eriod;
imad justed;
and r epaid (seas onally adjiisted)
Total
Automob ile paper
Instalment
NonAutomoTotal
Total i
bile
Personal instal-2 Extended Repaid Extended Repaid
ment
paper
loans
Period
Apr
1
1973
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1965
1966
1967
1968
1969
1970
1971
1972 4
1973 _ _ _
1972: Nov
Dec
1973: Jan
Feb
Mar
—v
^^
s-^^
89, 883
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 800
152, 968
157, 564
157, 227
157, 582
159, 320
161, 491
164, 277
_ _ 167, 083
169, 148
171, 978
173, 035
174, 840
176, 969
180, 800
1
70, 893
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
148, 100
124, 325
127, 332
127, 368
127, 959
129, 375
131, 022
133, 531
136, 018
138, 212
140, 810
142, 093
143, 610
145, 400
148, 100
28, 437
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 400
43, 674
44, 129
44, 353
44, 817
45, 610
46, 478
47, 518
48, 549
49, 352
50, 232
50, 557
51, 092
51, 371
51, 400
20, 237
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 600
36, 413
36, 922
36, 870
37, 108
37, 486
37, 695
38, 376
38, 928
39, 440
40, 064
40, 397
40, 651
41, 116
41, 600
Also includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
18, 990
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
32, 700
28, 643
30, 232
29, 859
29, 623
29, 945
30, 469
30, 746
31, 065
30, 936
31, 168
30, 942
31, 230
31, 569
32, 700
3
4
78, 661
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 800
12, 846
12, 627
13, 304
13, 434
13, 852
13, 465
13, 932
13, 646
14, 542
14, 294
13, 691
14, 149
14, 275
13, 600
70, 463
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
145, 000
11, 128
10, 964
11, 355
11, 437
11, 808
12, 061
11, 941
12, 034
12, 544
12, 399
12, 332
12, 449
12, 549
12, 400
27, 208
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40, 194
46, 800
3, 620
3, 763
4,006
3,972
4, 001
3, 822
3, 989
3, 762
3,930
3, 968
3,939
3, 912
3, 819
3, 600
Mortgage
debt outstanding,
nonfarm,
1- to 4family
houses 3
212, 900
23, 706
223, 600
25, 619
26, 534
236, 100
27, 931
251, 200
29, 974
266, 800
30, 137
280, 200
31, 393
307, 800
34, 729
346, 100
39, 500 * 383, 800
3, 023
2, 977
346, 156
3,097
3, 145
3,225 " 353, 900
3,218
3,261
3,253 9 365, 700
3,334
3, 293
3,406 9 376, 600
3,427
3,471
3,450 * 383, 800
End of period, unadjusted.
Preliminary; by Council of Economic Advisers.
Source: Board of Governors of the Federal Reserve System.
BOND YIELDS AND INTEREST RATES
>m the end of December to mid-January, interest rates generally rose. However, FHA
ntinued to decline.
new home mortgage yields
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1974
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
Period
1968
1969
1970
1971
1972
1973
1972:
1973:
__
__
Dec
Jan
Feb___
Mar___
__
Apr
May
June_ _
July
Aug
Sept__. __ _
Oct
Nov
Dec
1974: Jan
__ __
Week ended:
1973: Dec 2 8 _ _
1974: Jan 4__
11__
18__
25_.
Feb 1"
1
Rate
8
April
4
[ Percent per annum 1
High-grade
U.S. Gov<3rnment secuirity yields
municipal
3-month
bonds
3-5
year
Taxable
2
3
Treasury
(Standard4 &
issues
bonds
bills i
Poor's)
5. 339
4.51
5.59
5.25
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7. 37
6. 59
4. 348
5. 70
5. 77
5. 74
4.071
5. 27
5.85
5. 63
7. 041
5. 18
6. 92
6. 30
5. 061
5. 03
6.07
5.63
5.307
5. 05
6. 29
5. 94
5. 558
5. 12
6. 14
6. 61
6. 054
5. 30
6. 85
6. 20
6. 289
6. 74
5. 16
6. 11
6. 348
5. 12
6. 78
6. 22
7. 188
6.32
5. 15
6. 76
8.015
5. 39
7. 49
6. 53
8. 672
5. 47
7. 75
6. 81
8. 478
5. 11
7. 16
6. 42
7. 155
6. 81
6. 26
5.05
7. 866
6.96
5.17
6.31
7. 364
5. 12
6. 80
6. 35
7. 755
6.94
5.20
6.56
7.346
7. 406
7. 615
7. 983
7.995
7. 778
6. 83
6. 83
6. 88
6. 94
7. 06
6.95
6. 47
6. 52
6. 57
6. 57
6. 57
6
6. 55
2
on new issues within period.
Selected note and bond issues.
1953 to date, bonds due or callable 10 years
and after.
6
Weekly data are Wednesday
figures.
Not charted.
Data for first of the month, based on the maximum permissible interest rate
2 percent beginning August 25, 1973) and 30-year mortgages paid in 15 years.
5. 14
5. 15
5. 18
5. 21
5. 24
5.20
Corpora te bonds
(Moo dy's)
Aaa
Baa
6. 18
7. 03
8. 04
7. 39
7. 21
7. 44
7. 08
7. 15
7. 22
7. 29
7. 26
7. 29
7. 37
7. 45
7. 68
7.63
7. 60
7.67
7. 68
7.83
6.94
7. 81
9. 11
8. 56
8. 16
8. 24
7. 93
7. 90
7. 97
8. 03
8. 09
8. 06
8. 13
8.24
8. 53
8. 63
8.41
8.42
8. 48
8. 58
7. 73
7. 73
7.77
7. 85
7. 88
6
7. 87
8. 52
8. 54
8. 56
8. 58
8. 60
8.58
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
5.90
7. 13
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
4. 69
7. 53
8. 15
8.08
5.45
7.57
5. 78
7. 56
6. 22
7. 55
6. 85
7.56
7. 14
7. 63
7.27
7.73
7. 99
7. 79
9. 18
7. 89
10. 21
8. 19
10. 23
8. 92
9. 18
8. 94
8. 97
9. 08
8. 86
8.66
8. 78
9. 00
8. 88
8. 65
8. 75
8. 68
6
8. 44
Sources: Department of Housing and Urban Development. Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard
& Poor's Corporation.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
Stock prices increased about Vi percent from mid-December to mid-January.
Index, 1941-43=10
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
PERCENT
PERCENT
b
b
WEEKLY
MOh4THLY
DIVIDEN } YIELD ON COMMC3N STOCKS
\
/—"""">.
l
~
\
~
^
l
/
A
0
^^_—— ^
/i i i i I i I i i i i i
RAT IO
2b
t
1 t
1 1 1 1 |
! 1 I
1
I ! I 1 1 I 1 I 1 1
1
1 1 !!
!
I I I 1 1 1
1
1 I 1 I 1 ! 1 1 1 1
1 1 I i 1 !
! ! 1 1
! t II! I t
t !. ! !N
RA TiO
&
PRICE/ EARNIN 3S RATIO ON COMMON STOCKS
\
•on
^~~—-^_
1
ftr
-— ^
20
\
/I
.
^^-
— xs
15
^
10
>t
1
!
1
1
SOURCE:
,
I
!
1
!
i
1970
1969
1968
i
i
1
f
!
!
1973
1972
1971
STANDARD & POOR'S CORPORATION
1968_ _
1969__
1970
1971
1972
1973
1973: Jan
Feb
Mar
Apr
Ma}"
June _
_
July
Aug. _
Sept
Oct
Nov__
Dec. _
1974: Jan
Week ended :
1973: Dec 21
28
1974: Jan 4
11__18 _ _
25
Feb 1...
_ _
N 10
Railroads
Dividend
yield 2
(percent)
1941-13=10
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99. 78
119. 39
113. 91
118. 58
107. 13
127. 04
122. 57
125. 56
117. 54
124. 53
116. 41
120. 38
111.24
116. 48
107. 44
114. 75
104. 83
116. 31
105. 94
115. 98
104. 35
116. 60
105. 16
122. 30
106. 58
115. 48
96. 97
107. 44
86. 57
108. 06
87.63
66.42
62. 64
54.48
59. 33
56. 90
53.47
60. 01
57.52
55. 94
55. 34
55. 43
54.37
53. 31
50. 14
52. 31
53.22
48. 30
45. 74
48.60
48.84
45. 95
32. 13
41. 94
44. 11
38.05
42.87
40.61
39. 29
38. 88
36. 14
34. 35
35. 22
33. 76
35. 49
38. 24
39. 74
41. 48
44.37
3.07
3. 24
3. 83
3. 14
2. 84
3.06
2. 69
2.80
2. 83
2.90
3. 01
3. 06
3. 04
3. 16
3. 13
3. 05
3. 36
3. 70
3.64
86.75
86. 40
87. 53
83.23
86. 29
90. 70
90. 41
45. 78
46. 58
48.24
48. 54
48.58
48. 61
48.56
41. 14
44. 14
46.68
44. 63
44. 56
43. 63
42.59
3.67
3. 64
3. 56
3. 73
3.65
3. 60
4
3. 65
Total
98.70
97. 84
83.22
98. 29
109. 20
107. 43
118.42
114. 16
112. 42
110.27
107. 22
104. 75
105. 83
103. 80
105. 61
109. 84
102. 03
94.78
96. 11
107. 49
107. 13
91. 29
108. 35
121. 79
120. 44
132. 55
127. 87
126. 05
123. 56
119. 95
117. 20
118. 65
116. 75
118. 52
123. 42
114. 64
106. 16
107. 18
94. 08
95. 98
98.48
94.73
95.24
96. 49
4
96. 21
105.
107.
110.
105.
106.
107.
107.
108.
108.
110.
104.
107.
109.
108.
31
36
03
50
11
68
39
1
Public
utilities
Total
Capital
goods
i Includes 500 common stocks: 425 Industrials, 55 public utilities, and 20 railroads. Weekly indexes for capital and consumer goods are Wednesday figures'
all other weekly indexes are averages of daily figures.
Aggregate cash dividends (based on latest known annual rate) divided by
the aggregate monthly market value of the stocks in the group. Annual yields
34
1
COUNCIL OF ECONOMIC ADVISERS
Price i ndex
Industrials
Period
!
1974
15
80
03
29
89
43
66
Consumers3
goods
Price/
earnings
ratio 3
17.66
16.48
15.69
18.50
18.20
16.40
14.42
14. 12
are8 averages of monthly data. Weekly data are Wednesday figures.
Ratio of price index for last day of quarter to earnings for 12 months ending
with that quarter. Annual-ratios are averages of quarterly data.
«Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
DERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
estimated budget deficits for fiscal years 1974 and 1975 are $4.7 billion and $9.4 billion, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS
300
300
260
260
220
220
OUTLAYS
180
180
RECEIPTS
140
140
100
(ENLARGED SCALE)
(ENLARGED SCALE)
U20
SURPLUS (+) OR DEFICIT (-}
»20
-20
,-40
-40
1964
1965
1966
1967
1969
1968
1971
1970
1972
1973
1974
1975
FISCAL YEARS
SOURCES* TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Federal debt ( end of period)
Period
Receipts
Surplus or
deficit (— )
Outlays
Held by
the public
nPntnl i
Fiscal year:
1963
1964
310. 8
316. 8
254. 5
257. 6
-1.6
-3.8
-8. 7
-25. 2
3. 2
323.
329.
341.
369.
367.
2
5
3
8
1
261. 6
264. 7
267.5
290. 6
279. 5
196.6
211. 4
231. 9
246.5
274. 7
304. 4
-2. 8
-23. 0
-23.2
-14.3
-4.7
-9. 4
382. 6
409. 5
437. 3
468.4
486.4
508. 0
284.9
304. 3
323. 8
343.0
346. 5
359. 0
118.6
130.4
-12. 5
-6.1
460.2
480.7
341.2
349. I
106. 6
112. 7
111. 3
118. 6
1965
1966
1967
1968
1969
116. 8
130. 9
149. 6
153. 7
187.8
118.
134.
158.
178.
184.
4
7
3
8
5
1970
1971
1972
1973
19742
1975 2
193. 7
188.4
208. 6
232.2
270.0
295.0
106. 1
124. 3
_ _ _ _ _ _ _
Cumulative totals for first 6 months:
Fiscal year 1973
Fiscal year 1974
1
Excludes non-interest-bearing public debt securities held by IMF;
* Estimates from the Budget of the United States Government, Fiscal Yearl97&
-4.8
-5. 9
Sources: Department of the Treasury and Office of Management and Budget;
35
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
Fiscal 1974 budget receipts are estimated at $270.0 billion and outlays at $274.7 billion. The corresponding figures
for fiscal 1975 are $295.0 billion and $304.4 billion, respectively.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
120
120
OlJTLAYS
200
200
«**^
160
__,„---"
-
.*»**
160
-
120
120
NONDEFENSE
^«»*»**^
80
80
„——— •*""'*
40
y~
1
•\C\LA
^^i******^^
(
iQ£c
1
tn*.£.
1
tn£.-r
-•
NATIONAL DEFENSE
1
10/10
1
TO/IO
1
1 Q7O
1
1O71
!
!
1O7O
—^
1Q7O
!
1O7/1
K 40
1O7C;
^
FISCAL YEARS
SOURCES: TREASURY DEPARTMENT AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Recei 3ts
(Outlays
Nationa 1 defense
Period
Fiscal year:
1963
1964
1965
1966__
1967
1968__ _ _
1969
1970
1971__. _ _
1972
1973
1974 * _ _ _
1975
Cumulative totals for
first 6 months:
Fiscal year 1973
Fiscal year 1974
1
Total
Individual Corporation
income
income
taxes
taxes
106. 6
112. 7
116. 8
130. 9
149. 6
153. 7
187. 8
193. 7
188.4
208. 6
232. 2
270. 0
295.0
47.6
48. 7
48. 8
55. 4
61. 5
68. 7
87. 2
90. 4
86. 2
94. 7
103. 2
118. 0
129. 0
21. 6
23. 5
25. 5
30. 1
34. 0
28. 7
36. 7
32. 8
26. 8
32.2
36. 2
43.0
48. 0
106. 1
124. 3
51.2
58. 2
13. 9
15. 1
Other
Total
37. 4
40. 5
42. 6
45. 3
54. 1
56. 3
63. 9
70. 5
75. 4
81. 7
92. 8
109. 0
118. 0
111. 3
118. 6
118. 4
134.7
158. 3
178. 8
184.5
196. 6
211. 4
231. 9
246. 5
274.7
304. 4
52. 3
53. 6
49. 6
56.8
70. 1
80. 5
81. 2
80. 3
77. 7
78. 3
76. 0
80. 6
87. 7
48. 1
49. 6
46. 0
54.2
67. 5
77. 4
77.9
77. 2
74.5
75. 2
73. 3
78. 4
84. 6
41. 1 118. 6
51.0 130.4
35.3
37. 3
34. 3
37. 0
Estimates from the Budget of the United States Government, Fiscal Year 1975.
36
Interna- Health
tional
Depart- affairs
and
Inment of
income terest Other
and
Defense, finance security
military
Total
4. 1
4. 1
4. 3
4. 5
4. 5
4. 6
3. 8
3. 6
3. 1
3. 7
4. 1
25. 4
26. 9
27. 4
31. 4
37.8
43. 7
49. 4
56. 6
70. 6
82.0
91. 5
108.3
126. 4
9. 2
9. 8
10. 4
11. 3
12. 6
13. 7
15. 8
18. 3
19. 6
20.6
22. 8
27. 8
29. 1
20. 3
24. 2
26. 7
30. 7
33. 2
36. 2
34.4
37. 8
40.5
47. 2
53. 2
54.2
57. 1
1. 6
1. 6
43. 2
49. 0
10. 6
13. 4
27. 8
20. 1
3.0
3.9
Sources: Department of the Treasury and Office of Management and Budget.
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
bcording to preliminary estimates for calendar year 1973, there was a surplus of about $% billion. In 1972 there
is a deficit of about $16 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS'
300 |
+20
+20
?m
SUR PLUS
M 111 Ii m
0
i
"""
1i
l
l 11^
i
1
'A
-20
DEF \cn
f
-40
!
!
1967
f
'i 1 1 ^
1
SHi H
1
f
I
f
1969
1968
!
f
!
i
!
f
1
f
F!^
i£22
r™g
-20
^
f
!
1972
197 1
1970
1
f
!
-40
1973
CALENDAR YEARS
SOURCE:
COUNCIL OF ECONOMIC ADVISERS
DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
1 r
Federal (jovernm ent receip ts
Fe<ieral Go v ernmen b expend itures
Period
Fiscal year:
1971 __
1972
1973 *.
19741.
1975 ! _ _ _
Calendar
year:
1970
1971
1972
1973 *___
Personal
and
Total tax
nontax
receipts
Surplus
or
Subsidies Less: deficit
GrantsCorpo- Indirect Contriless
Purin-aid
Wage
rate business butions
chases Trans- to State Net
current accruals income
profits tax and
for
Total of goods fer pay- and interest surplus of less
and
tax
nontax social inand
ments local
paid Govern- dis- product
accruals accruals surance
services
government en- burse- accoun s
ments
terprises ments
(->,
_
192. 6
213.7
243. 3
280. 5
304.8
87.4
100. 1
107.2
123. 7
135. 3
32. 2
34.7
43. 8
50. 3
50. 2
20. 1
19.9
20. 9
23. 3
27.5
52. 9
59.0
71.4
83.2
91. 8
212. 6
233. 2
255. 1
285. 2
313.4
95. 9
103. 2
104.5
111. 5
121. 6
69. 7
78. 6
89.4
107. 2
123. 5
26.8
32. 9
40.4
44. 1
46. 6
14.3
13.4
14.4
18.2
19. 6
192. 0
198. 9
228. 7
265. 4
92. 2
89. 9
107.9
114. 5
31. 0
33. 3
37. 8
49. 8
19. 3
20.4
19. 9
21. 0
49. 5
55. 2
63.0
80. 1
203. 9 96. 2
221. 0 98. 1
244. 6 104.4
264. 7 106.9
63. 2
74.9
82. 9
95. 4
24.4
29. 1
37.7
41.2
1972: HI.. 229. 6
rv___ 236.9
108. 1
111. 3
38.0
40.7
19. 9
20. 3
63. 6
64. 6
237. 0 102.3
260.3 102. 7
80.8
91. 0
1973: I
108. 5
111.4
116.9
121. 1
46. 6
50.8
51.0
20.7
21.2
20.8
21. 5
77.8
79. 1
80. 8
82.6
258. 6
262.4
265. 6
272. 4
91. 8
93. 8
96.6
99. 5
253. 6
II— 262.4
III.. 269.5
IV *_
i Estimates.
105. 5
107.3
106.8
107. 8
5. 8
5.2
6.4
4.2
0. 1
.0
.0
.0
.0
-19. 9
— 19. 5
— 11. 8
— 4. 7
— 8. 6
14.6
13.6
13. 5
15.9
5.5
5.3
.0
5.4
,0
— 11. 9
— 22. 2
— 15. 9
.6
34.4
46. 1
13.4
13.7
6.2
6.7
.0
-7. 4
-23. 4
41. 1
40. 5
40. 5
42. 5
14.7
15. 6
16.2
16. 9
5. 5
5. 1
5. 3
5. 7
.0
— 5. 0
.0
4.0
2. 1
6. 1
.0
.0
.0
1
!o
.0
1
Sources: Department of Commerce and Office of Management and Budget.
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,
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, 1
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 Stock
Private Liquid Asset Holdings—Nonfinancial Investors
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
Page
1
2
3
4
5
6
7
8
9
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17
18
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20
21
22
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