Full text of Economic Indicators : January 1975
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94-th Congress, 1st Session
Prepared for the Joint Economic Committee bj the
J,
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J
JF
Council of
<t/ Economic Advisers
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(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HUBERT H. HUMPHREY, Minnesota, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
CLARENCE J. BROWN (Ohio)
GARRY BROWN (Michigan)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
SENATE
JOHN SPARKMAN (Alabama)
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
LLOYD M. BENTSEN, JR. (Texas)
EDWARD M. KENNEDY (Massachusetts)
JACOB K. JAVITS (New York)
CHARLES H. PERCY (Illinois)
ROBERT TAFT, JR. (Ohio)
PAUL J. FANNDSJ (Arizona)
JOHN R. STARED Executive Director
LOUGHLIN F. McHuGH5 Senior Economist
RICHARD F, KAUFMAN, General Counsel
OF
ALAN GREENSPAN, Chairman
WILLIAM J. FELLNER
GARY L. SEEVERS
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sx Congress; CHAPTER 237—IST SESSION]
[SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled *'Economic Indicators/' and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk? Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers 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 Branch3 Office of the Secretary, Department of Commerce,
Economic Indicators? published monthly5 is available at 85 cents a single
or by subscription at $10.10 per year ($2,55 additional for foreign mailing)
OF
B.Q
Subscribers
to receive it at an earlier date
of provisions for airmail subscriptions. The domestic
is $3,60
per year.
•il
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Gross national product increased $11.7 billion in the fourth quarter to an annual rate of $1/428.0 billion, according
to preliminary estimates. The increase for the preceding quarter was $32.5 billion.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
Disposable personal income
Period
Net receipts
Expenditures
PerLess: Equals:
sonal
Less:
Tax
Interest Total Personal saving
TransTrans- Equals:
and
paid and exclud- consumpPuror
tion
Total
fers,
fers,
Equals:
nontax interest, Net
ing
chases
expenddisexpendinterest,
Total * transfer
interest itures saving receipts
payof goods
and receipts itures
and
and
or
ments
and
subsubtransto foraccruals sidies 2
2
services
sidies
fers
eigners
Surplus
or
deficit
(-),
income
and
product
accounts
19691970.
1971.
1972.
1973_
1974 *
634.4
691. 7
746.4
802.5
903.7
979.7
16. 7
17. 9
18. 8
20.9
24. 1
26. 0
617. 7
673. 8
727.6
781.6
879. 6
953. 7
579. 5
617.6
667. 1
729.0
805.2
877. 0
38. 2
56.2
60. 5
52. 6
74.4
76.7
296.7
302. 5
321. 6
367.0
411. 5
455. 0
77.9
93. 2
105. 9
116.5
131.6
152. 0
218.8
209.4
215.7
250.5
279.9
303. 1
287.9
312. 7
340. 2
372. 1
408. 0
460. 9
77.9
93. 2
105. 9
116. 5
131. 6
152.0
234.2
255.7
276; 4
-18.5?
1973: I
869. 5
892. 1
913.9
939. 4
22. 5
23. 5
24 3
26. 2
847.
868.
889.
913.
0
6
6
2
781. 7
799.0
816. 3
823.9
65. 3
69. 6
73. 2
89.3
398. 1
406. 9
416. 5
424.6
127. 2
130. 7
133.0
135.9
271. 0
276.2
283.6
288.7
396.1
403.9
409.8
422. 3
127. 2
130.7
133, 0
135. 9
269. 0
273. 3
276.9
286.4
2. 1
3.0
6.7
950. 6
966. 5
993. 1
1, 008. 7
25.6
25.8
26.2
26.4
925.0
940.7
966.9
982.3
840.6
869. 1
901. 3
896.8
84.4
71.5
65.5
85.4
435.9
450.7
470.3
139. 3
147.4
157. 8
163.9
296.5
303. 3
312.4
435. 5
451. 7
470.0
486. 2
139. 3
147. 4
157. 8
163.9
296.3
304; 4
312. 3
322.4
ivZ
1974: I_
nil!
iv»
Business
Period
97.0
97.0
110. 2
125. 9
136. 5
136. 5
139.0
136.3
153. 7
179. 3
209. 4
208. 9
-42. 0
-39. 3
-43. 5
-53. 5
-72. 9
-72.4
2.9
3. 2
3. 6
3. 8
3. 9
3. 6
55.5
62. 9
65,4
72. 4
100. 4
139. 4
53. 6
59. 3
65.6
78. 4
96. 4
137. 5
1.9
3. 6
—.2
-6. 0
3. 9
2.0
1973: I...
II—
III.
133.7
135.3
137. 1
140.0
199.
205.
209.
224.
0
1
0
5
-65. 3
-69. 8
-71. 9
-845
3. 0
42
3. 6
4.7
95. 4
103. 7
113.6
89.5
94. 9
96.9
104.3
:5
1974:
139. 7
135.7
130.6
210. 5
211. 8
205. 8
207.6
-70.8
-76.1
3.7
3.7
3.3
3.6
131. 2
138. 5
143.6
144.3
119. 9
140. 0
146.7
143.2
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.
» Capital consumption allowances, corporate Inventory valuation adjustment,
undistributed corporate profits, and private wage accruals less disbursements.
~ — it include retained earnings of unincorporated business, which are inclu ded
^sable personal income.
-5. 1-;
3. 5'
-5.9-
2. a
1.0
= 2
International
Net
Net exports of goods
Excess of _ Total
transfers
and services
StatisGross
Excess
Gross
to
fortransfers income
tical
of
private
retained domestic invest- eigners
or
or
discrepby
perEquals:
earn-3
of
net
ancy
receipts
ment sons and Exports
investLess:
Net
ings
exports
ment *
Imports exports
Government
19691970.
19711972.
1973.
1974
IIIII.
IV*
210.0
219. 5
6.7
9. 3
11-3
— 1; 5
1. 0
936. 3
—. 4
983. 5
3. 8 1, 057, 2
9.8 1, 161.- 8
-^ 1, 299. 9
1*6 I, 396. 7
Gross
national
product
or
expenditure
-6. 1
-6.4
— 2. 3
— 3. 8
-5. 0
.0
930. a
977. 1
1, 054; 9
1, 158. 0
1, 294 9
1, 396. 7
3.8
3.< 7
&1
4, 7
1, 254 7
1, 284 4
1, 313. 8
1, 346, 6
-5.9
-6.5
-49
-2.6
1, 277; 9
1, 308. §
1, 344 0
7; 7
5; 2
6. 5
2.4
1, 365; 1
1, 3833 5
1, 413.- 3
-&3
2 3
3.0
1, 358; 8
1, 383. 8
1, 416. 3
1.42&0
1, 248L- 9
< Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
£ Net foreign investment less capital grants received by United States,,
,:
sign changed.
Source: Department of Commerce.
OR
In the fourth qyarfer gross national product rose at an annnaJ rate of 3.3 percent reflecting an Inflation rate of 13.7
percent and a decline of 9.1 percent in real GNP»
tilUONS OF DOLLARS
OF DQLU^S
1,400
V400
1,200
J/KKJ
PBISONAL CONSUMPTION
.EXPENDITURES
800
PURCHASES
OF GOODS AND
200
200
NET EXPORTS OF GOODS
AND SERVICES
J
I
1968
GROSS PRIVATE DOMESTIC
'I
INVESTMENT
I
J_
J__L
JL
1970
1969
L
JL
1971
i
1973
1972
Of
OF
Gove rnment
Total
Personal Gross
Net
congross
Total
private exports
sump- domestic of goods
national gross
tion
product national
Total
and
investIn
product expend- ment
services
Total
dollars
itures
Billions af
at s
y
Period
ioa i
684. 9
749. 9
793. 9
8642
930. 3
5
977. 1
74ff« s 1, 054 9
1, 158. 0
839, 2 1, 294 9
82L 1 1, 396. 7
432. 8
466.3
492, 1
536. 2
579.5
017.0
667. 1
729. 0
805, 2
877. 0
209.4
208.9
832. 8 1, 24a 9
1, 277, 9
1, 30& 9
m_._™__ ..
IV...— . - 846. 7 1, 344 0
78k 7
799. 0
816,3
823.9
1, 35a 8
827. I 1, 3Sa 8
823. 1 1, 416, 3
SOS. 7 1, 428. 0
840. 6
869. 1
90L 3
1966........ . _ _„
1967— —...—.......
1968...—. .— —.-„
1969...——..
1970.................
.-_
1972.—..,.— _„.
1973...— .._„ «...
1974 »... — .. — _ _
617.8
858. 1
I...— „..
II— —.___..
!—_„...
TT
III...—.
IY *
a
for
t
sinews era p. 2&«
s
aaticBfcl
SB 1958
1974
in
by
' purchases of
services
Federal
National
defense! Other
137.0
156. 8
180. 1
199. 6
210.0
219. 5
234 2
255. 7
276. 4
303. 8
66.9
77. 8
90. 7
98,8
98. 8
96. 2
97. 6
1049
106.8
116. 4
50.1
60. 7
72, 4
78,3
78. 4
74 6
71.2
748
744
78.6
199. 0
204 1
209.0
224 5
-.8
.5
a7
a3
269. 0
273. 3
278.9
286. 4
106.
108.
105.
108.
4
2
3
4
210. 5
11. 3
—L 5
— 3. 1
1,2
296. 3
304 4
312. 3
322.4
11L 5
114 3
117. 2
122, 8
na e
126. 0
139.0
136. 3
153. 7
i7a s
211; 8
205. 8
207.6
of
State
and
local
Implicit
price
deflator
for
GNP,
1958 =1002
rates
»d
6.9
5.3
5.2
2. 5
1. 9
3.6
—.2
-6.0
3.9
2.0
1214
s
16. S
17. 1
30. 1
32. 2
37. 9
70. 1
79.0
89. 4
100. 8
111.2
1 23. 3
136. 6
150. 8
169. 8
192. 4
110. 86
113. 94
117. 59
122. 30
128. 20
135. 24
141. 35
146. 12
154 31
170. 11
75. 0
74 0
73. 3
75.3
31,4
32. 2
32. 0
33. 1
162. 6
167. 1
171. 6
177, 9
149.
152.
155.
158.
95
61
67
93
75. 8
76. 6
78. 4
83. 5
35.7
37. 7
38. 8
39. 3
1848
190. 1
195. 1
199. 6
163.
167.
172.
177,
81
31
07
68
ia ft
20. 5
20. 4
21. 5
2a 5
NATIONAL INCOME
Because of cutbacks in employment and the length of the workweek, employee compensation showed only a
i the fourth quarter.
OF DOLLARS
OF
t,200
1,200
ADJUSTS) A!®tfAL
ijoo
1,000
t/WO
900
900
800
aw
700
700
600
MO
500
500
/
V
20o'
PROPRIETORS' AND
INCOME
200
CORPORATE PROFITS AND
VALUATION ADJUSTMENT
100
100
I
0
1969
1968
1970
1973
1972
1971
I
I
0
1974
DEPARTMENT OF COMMENCE
CQUNCB. OF ICQNOMIC
[Billions of dollars; quarterly data at seasonally adjusted, annual rates]
Total
national
income
Compen-
Proprieto rs' income
of employees *
Farm 2
564. 3
620, 6
653. 6
711. 1
766. 0
800. 5
857. 7
946. 5
1, 065. 6
1, 142. 2
393.8
435. 5
467. 2
514. 6
566. 0
603, 9
643. 1
707. 1
786. 0
855. 7
1, 027. 0
1, 051. 2
III..... ...... ..... 1. 077. 3
IV
..
1, 106. 3
1, 118. 8
1. 130. 2
1, 155. 5
Period
1965-..
1966 ..
1968
1969
....
.....
...........
..........
.
..
.......—...
. . ..
1971
1972
1974 »_..
II
I
.
....
.........
II—. ..... .... .
III...
.........
IV*
Rental
income
of
per-
interest
14. 8
14. 7
16. 7
16. 9
17.2
21. 0
38,5
31. 8
42.4
45. 2
47. 3
49. 5
50. 5
50. 0
52. 0
54. 9
57. 6
61.2
19.0
20. 0
21. 1
21. 2
22. 8
23. 9
25, 2
25. 9
26. 1
26. 5
18.2
21. 4
24. 4
26. S
30. 5
36. 5
41.6
45. 6
52, 3
61. 6
759. 1
776. 7
793. 3
814. 8
32. 1
35. 6
41.5
44. 9
57, 0
57. 1
57. 7
58,4
26.3
25.7
26, 2
26.4
828. 8
848. 3
868. 2
877. 3
39. 1
29. 1
29.8
29. 1
59. 3
60. 7
62, 3
§2.5
26. 4
26. 3
26. 6
26,8
14.8
ia i
Business
and professional
of
Net
Corpora te
inventory va luation ac!j ust men t
Total
Profits Inventory
before valuation
taxes adjustment
84 3
79.8
89. 2
78. 7
92. 2
105. 1
105. 4
77.8
84,2
79.8
87.6
84.9
74. 0
83. 6
99. 2
122. 7
141. 0
— 5. 1
-48
-49
-7.0
-17.6
-35,5
49.2
51,1
53.2
55. 5
103. 9
105. 0
105. 2
106, 4
120.4
124 9
122. 7
122. 7
-16. 5
-20. 0
-17.5
-16.3
57. 5
80. 1
62. 8
65. 9
107. 7
105. 6
105. 8
135. 4
139. 0
157, 0
-27,7
-33.4
-51.2
76.1
82. 4
7a7
"
-1.7
-1.8
-L 1
-3.3
OF
'Personal Income Increased $5.2 bsiiion (annual rate) in December, following a revised decline of $0,5 billion In
'.November. Private payrolls declined $3.2 billion, compared with $6.6 billion in November, Transfer paymen1" ^~~
'.$6.1 billion, more than half of which was due to increased benefit payments to veterans.
BILLIONS OF DOLLARS
.1,200
BILLIONS OF DOLLARS
1,200
1,-OQO
1,000
WAGE AND SALARY
DISBURSEMENTS
200
1968
1974
SOURCE: DEPARTMENT OF COMMERCf
Period
Total
personal
income
1968
688.9
i960
750. 9
1970
808. 3
1971
864. 0
1972
944. 9
1973
1, 055. 0
1974 *_
1, 150. 4
1973: N o v _ _ _ 1, 100. 0
Dec
1, 107. 1
1974: Jan
1, 107. 0
Feb
1, 113. 4
Mar
1, 117. 1
Apr
1, 125. 2
May
1, 135. 2
June
1, 143. 5
July. . .1, 159. 5
Aug
1, 167. 2
Sept___ 1, 178. 0
Get
1, 185. 0
Nov
1, 184. 5
Dec *__ I, 189. 7
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Vv age
Rental
and
Other Propriet ors' income income
Transfer
Divi- Persona]
salary
Business
labor 12
interest
paydends
of
disburseincome
Farm
and pro- persons
income ments
1
ments
fessional
25. 4
14. 7
49.5
21. 2
464. 9
23. 6
52. 9
59. 6
28,4
50.5
16. 7
22. 6
24, 3
509. 7
59. 3
65.8
32. 2
50. 0
24. 7
542. 0
16. 9
23. 9
67. 5
79. 1
52. 0
36. 4
17. 2
573. 0
25. 2
25. 0
72. 8
93. 3
41. 7
54. 9
626. 8
27. 3
21. 0
25.9
78.6
103. 2
691. 7
46. 0
38. 5
57. 6
26. 1
29. 6
90. 6
117. 8
51.4
61.2
751. 1
26. 5
32.7
31. 8
103. 8
139. 8
47. 6
44. 9
717.9
58. 5
26. 4
30. 4
96. 0
122. 1
722. 2
48. 0
58. 4
44.9
26. 4
122. 6
31. 6
97. 0
42. 1
722. 5
48. 5
58.7
31.4
26. 4
97. 5
126.7
48. 9
39. 1
59.4
728. 3
26. 4
98. 3
31. 6
128. 4
732. 1
49. 4
36. 1
59. 9
26. 4
31. 9
99.0
129. 5
737. 1
49. 9
32. 6
60. 2
32.
1
25. 5
100.4
134. 6
50. 5
60.8
745. 3
29. 1
32. 5
26. 7
102.0
135. 8
753.2
51. 1
61.2
26. 7
25.7
33. 0
103. 5
137.0
28. 1
759. 7
5L7
61. 9
33. 1
26. 6
104. 4
142. 5
62. 5
761. 6
52.3
30. 6
26.6
33. 2
105. 3
143. 6
52. 9
62. 5
767. 7
30. 7
26.6
33. 4
106. 9
146. 0
773.0
53.5
29. 2
62. 5
26. 7
33. 5
108. 0
147.6
54. 0
62. 5
767.8
29. 1
26.8
33.6
109. 5
149.8
54. 5
765. 4
29.0
62.5
26.9
32.7
111. 1
155.9
* The total of wage and salary disbursements and other labor income difl'ers
from compensation of employees (see p. 3) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
a Consists of employer contributions to private pension, health, and welfare
4
COUNCIL OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
22.8
26.3
28.0
30. 7
34.5
42. 8
47.9
43.8
43.8
46. 7
46. 8
47. 0
47. 2
47.6
47.9
48. 5
48.4
48. 6
48.9
48.5
48. 3
Nonagricultural
personal3
income
668.8
728.3
784. 8
840. 0
916. 5
1, 008. 0
1, 108. 9
1, 046. 1
1, 052. 9
1, 055. 5
1, 064. 9
1, 071. 6
1, 083. 1
1, 096. 6
1, 108. 2
1, 121. 7
1, 126. 8
1, 137. 4
1, 145. 7
1, 145. 2
1, 150. 3
funds; compensation for injuries; directors' fees; military reserve pay; and a few
other
minor items.
s
Personal income exclusive of net income of unincorporated farm enterprises
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
Source: Department of Commere®.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell 3.4 percent from 1973 to 1974.
1LLIONS OF DOLLARS
5,000
BILLIONS OF
PER CAPiTA DISPOSABLE PERSONAL INCOME
4000
4,000
3,000
3,000
2,000
1000
1968
1969
1973
1974
s DEPARTMENT OF COMMERCE
Period
L
PerPersonal
sonal tax and
income nontax
payments
COUNCIL OF ECONOMIC ADVISEES
Per cap>ita disLess: Perse>nal outlawfS
posable personal
Equals:
lal
consur
Persoi
option
Equals:
incc>me
Disex penditure s 2
Personal
Total
posable
saving Current
Nonpersonal personal
1958
durable
Services
income outlays 1 Durable
dollars dollars
goods
goods
Billions of dollars
1967
1968
1969
1970
1971
1972
1973
1974"
629. 3
688. 9
750. 9
808. 3
864 0
944.9
1, 055. 0
1, 150. 4
sao
97. 9
116.5
116.6
117. 6
142. 4
151. 3
170.7
54d3
591. 0
634.4
691. 7
746.4
802. 5
903. 7
979.7
506. 0
551. 2
596. 2
635, 5
685.9
749. 9
829. 4
903.0
73. 1
84. 0
90. 8
91.3
103. 9
118.4
130. 3
127.8
Saving
as percent of Populadistion
posable
(thou-3
personal sands)
income
(percent)
Dol lars
215.0
230.8
245. 9
263. 8
278.4
299.7
338.0
380.2
204. 0
221.3
242. 7
262. 6
284.8
310. 9
336. 9
369. 1
40. 4
39.8
38.2
56.2
60.5
52.6
74.4
76.7
2,749
2,945
3,130
3,376
3,605
3,843
4,295
4,623
2,403
2,486
2,534
2,610
2,683
2,779
2,945
2,846
7.4
6.7
6. 0
8. 1
8. 1
6. 6
8. 2
7.8
198,
200,
202,
204,
207,
208,
210,
211,
712
706
677
875
045
842
396
909
Seaso natty adjitsted annu al rates
1973: !___ 1, 013. 6 144 1
869. 5
892. 1
913. 9
939.4
804.2
822. 5
840. 7
850. 1
132.4
132. 1
132.4
124. 3
323.3
332.7
343. 8
352. 1
325.9
334.2
340. 1
347.4
65. 3
69.6
73.2
89.3
4,143
4,244
4,339
4,452
2,931
2,941
2,952
2,952
7.5
7.8
8.0
9.5
209,
210,
210,
211,
852
205
610
030
950.6
966. 5
993. 1
Ill 1, 168. 2 175. 1
IV » 1, 186. 4 177. 8 1, 008. 7
866. 2
894.9
927. 6
923.3
123.9
129.5
136.1
121.5
364.4
375.8
389.0
391.5
352. 4
363.8
376.2
383.8
84.4
7L5
65.5
85.4
4,497
4,565
4,681
4,744
2,887
2,850
2,842
2,804
8. 9
7. 4
6.6
8.5
211,
211,
212,
212,
381
721
139
600
li- 1, 039. 2
ra. 1, 068. 0
147.2
154. 2
IV. 1, 099. 3 159.9
1974: I-_ 1, 112. 5 161.9
II.. 1, 134. 6 168. 2
1
Includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
2 See p. 2 for total personal consumption expenditures.
3
Includes Armed Forces abroad. Annual data are for July 1; quarterly data are
for middle of period, interpolated from monthly data.
Source: Department of Commerce.
FARM INCOME
Farm Income including net inventory change declined slightly in the fourth quarter/ excluding net inventory change
there was a small rise.
KLUONS OF DOLLARS
OF DOtUMS
120
SEASONAItY mW$m* AHKvJAL
100
100
•50
40
NET FARM WCOME
INaUDiNG NET INVENTORY
CHANGE
20
J
I
t
1968
I
J
I 1969
_f
I
1971
1970
I
_L
1972
1973
SDUS5C& MWOOWENf OF AGRICULTURE
From
farm
sources
From
all
sources
22.6
23. 9
26.6
27.1
28. 2
33. 7
50.4
46, 7
11,0
11.3
12,9
12.9
13.2
16. 5
31. 3
25.8
.
From,
nonfarm
sources
11. 6
12. 7
13. 7
142
15. 0
17. 2
19. 0
20.9
I....... ...........
II....... ..... .
III.
....
IV **
49.9
51.7
56. 3
58.6
60. 6
69. 9
97. 0
102. 0
sa 2
........
1
come
2
.
by
of crops and
42. 8
44 2
48. 2
50. 5
52. 9
61. 0
88. 6
95. 0
2, p. 3.
see
»
on
of
a
of a
42.2
448
47. 6
52.4
§4 7
74 8
11.6
12.2
14 2
140
13.0
17. 5
32. 2
27.2
12. 3
12. 3
143
140
14 4
18.4
36. 2
29. 6
3,877
4,018
4,753
4 ? 752
4,957
6,410
12, 744
10,' 460
10,
11,
13,
15,
93. 2
101. 8
106,7
26. 1
30. 3
348
37.7
29.6
33.3
39. 3
42. 7
105. 0
98.4
102. 1
102. 5
98,0
91. 3
94 5
96, 2
72. 1
74 5
76. 5
32. 9
23. 9
25. 6
26, 4
36. 9
13. 040
26. 9 I §; 500
27. 6
9,750
26. 9
% 500
to
<
in
living
4
3,877
4S361
4,168
4, 166
5, 169
9,235
6, 500
annu al rates
60. 1
62.9
67.0
69.0
for the Tear.
of
38. 3
sa 5
77. 5
84 8
93. 6
98. 5
in-
at the
Net inc ome per
including
inventor]7 change *
Net t D farm
oper ators
ProducCash
tion ex- Exclud- Includreceipts
penses ingnetin- ing net in- Current
1967
from
Total1
ventory ventory2 dollars
marketchange change
ings
Billions c>f dollars
Do!lars
Seaso natty adj^
I. ........... ...
II.........
III.......
IV.........
....
I
[ncome received fro m farmingy
Realize d gross
1967........-...._._..._.
1968...........
„
1969..
— - — ........
1970
...._.._...__....
1971.. — . — — — ......_.._
1972 _ „.__.__„
1973...
_.
„.
»......„._...
J
1974
COUNCIL OF ECONOMIC ADVISERS
Persona! income re ceived by
total i arm popu lation
Period
_L
on a 1967
of
divided by the
410
710
820
010
7,950
8,610
10, 350
8, 580
5,970
5 ? 590
of prices paid by farmers for
Book profits were up substantially from 1973 to 1974 but profits plus
:hangecL
valuation
OF
OF DOLLARS
160
140
120
100
80
m
liijivavcri^
'.! l^ i' fiffih' !i9 Y t ^?
! :i l
l
I lc c
f
T^^vK?*
:'•*.
^v'} V ' ^ /*<
P
^T,^NTSH^
40
20 -rx-v:'; '-" ^y***,"-^~ ^V^L/T'^ 7T^~'r yi/^;"r V 'V,/ f^ '17'^^.^*^^^^"''^^'^'^.^'''^ ^T'tJ
H,,\
-v'v"^fV;^ ' * v*r'~ *^iy^'' '
\ v' '•!
f;",W'' ^''vV;' ^
T'V^.r
"Vf;^^* ?' r s ^' x ^ '3^
'^jl^gj*
S96C "
i*
^1969" """" !
1°7C
<
4s
^- j # - V*'"11'"-'" ' * S'^L!*' /
"'< v/i;''^' , ' 4 ' N
'</4/l ; : '^'' ' /'wnfT&BUraTpro^
• "^JS^''.^^
[
1971
' \'v?/ '{ * [Cf ''
i
W2
\
L_'/^/^'i<^
1
1S74
1973
S&SSl^ji^iuJC
T^S^^StSSS^SSSSSSS^&tSS^Slt
|
|
Period
AU
Indus
tries •
i
JW67.....J
1968-..
!
H-89_ ....'
1070.......
197
1.
.
jQ7"^
±973.™ ...
1C74 "... ..
%c;? : T____^_
78, 1
84. I;
79. i§ !
63. S;
78.7
?w ?«
^05, 1 '
105 <. i
^^^ c
1f TT"__^ ' -ior>
<"
CK '
I°T_._
'Co. Z2
;
1
j
I9*-l*
T
" *"
~~
t07.
7
!
or>. r
i j i r , 3 Or '.
_ *' ' _
.
at s
of dollars; cquarterly
profits (befc re taxes) and in¥eiitory
valuation adjnstme;at
TransManufacttir ing
eomdurabls niunioation,
goods
x
&A
indusand
1
S
1 tries
^-o ™ public
utilities
1
•ia 7
20. ^ ! 18. "j
29. 1
10. 5
4.1 : 22, 4 ; 1^ -3
32. 0
10. (>
36. 6
18. 8 !
17.7
10, i
So. 1
27. S
1C. 5
17.8
7.2 f•3-S. ^
3Z 3
14 5
J*. 8
t. 3
08. 1
-10. S
21. ?!
42, 2
10. ?
0. 2
i\
0
47. 8
2(\ 1 I
21. 5
48. 3
80. I
4c S
13. 0
4a 9
3.7
,,S-VA4^
'A
^.
±7,
-^
v
i
G
-I
1
^
C.. \
-in. >« .
•rjj. o
'
COUNat Of 5COHOMC
BBAKTMENT OF COMMSCS
Co
!
i.7. 3
CO, "3
2^, T
L4. 3
20. 'J
2i 3
2 i. -211 I
as
!). 5
a2
19.3
17. '
lv. G
2u 3
2l\ ' '
V. 1
iu^f.
0
i£
<*'. *• ;
0 J
T ad justed annual rates]
Cor]porate pi'ofits
i?if fcer tax?5S
i
Corpo- Corpoi
j
rate
rate
DiviUn- j
tax
profits
before liabil- Total dend distributed
payity
taxes
ments profits
74, 0
83.6
99.2
122. 7
141. 0
33.2
39. &
40. 1
34 8
37, 5
415
49. 8
55,8
46. 6
47, 8
44 8
39.3
46. 1
57.7
72.9
85,2
i.20, -i
-17! F i 1 .7 j c*
48U i j i2*2. 7
53. 0 I 122, 7
481 3
50. 0
49. 9
40. S
71, 5
74 0
72, 9
*'$ 2
2S. ?
29. i
2a s
3i\ 7
44. D '
43. ? i
42.5 ;
6-^. c j 135. 4
£ .% 0 j
139. 0
<«S-. "'" : 157, 0
52. 2
55. ?/
e-2a 7
5'"'* 2
S3. 3
04. '„*
:$•- i>
S'2. c
51. 6 !
50. 5 s!
79. 8
87.0
S4, 0
/"C
. _1
c
25. 3
24 2
20. 5
rt14.6
21. 4
23, *3
24. 3
247
26.0
273 8
29. 6
32. 7
i
!
i
|
i i •
3<X3
^-3. 3
5'?. r ;
42, S
j
*>Q
0
!^?O«
i'
*"VX
r"5
,
61.) !!d
s-
Corporate
capital
consumption
allow-2
ances
?roslts
plus
capital
consumption
aiiow-s
ances
^3, 0
46, S
51. 0
55. 0
60. 4
66.3
71.2
76. 7
89.6
04.0
S-S. 3
95,2
106. 5
124. 0
141 1
161. 9
69. 2
70, 3
71, ^
'"S. 1
310.7
14^3
Ilia. 5
146,3
7-L i
•5,7
Z79.7 --.5c ,
157, 3
153, g
o*'rcd: Oe")'
1
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment rose slightly In the fourth quarter. An increase in inventory investment was offset
by a decline in residential investment. Nonresidential fixed investment rose a little.
BILLIONS OF DOLLARS
250
BILLIONS OF DOLLARS
250
SEASONALIY ADJUSTiO ANNUM RATES
200
200
GROSS PRIVATE DOMESTIC
INVESTMENT
150
150
100
too
PRODUCERS'
DURABLE EQUIPMENT
.V.
NONRESIDENTIAL STRUCTURES
SO
50
'"""><»„,
CHANGE IN BUSINESS
INVENTORIES
RESIDENTIAL STRUCTURES
J
I
J
J
!
1968
I
I
1970
1969
I
J
t
L
J
L
I
1973
1972
1971
SOURCEi DEPARTMENT OF COMMERCE
f
I
1974
COUNCIL OF ECONOMJC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed nr/estment
Period
Total
gross
private
domestic
investment
Resid ential
struc tures
N(mresident ial
Struc tures
Total
Total
Total
Nonfarm.
Produce rs' durable equ ipment
Total
Nonfarm
Total
Nonfarm
Change in business inv entories
Total
Nonfarm
1965
1966
1967
1968
1969
1970
1971
1972
1973_.
1974 »
108.1
121.4
116. 6
126. 0
139. 0
136. 3
153. 7
179. 3
209.4
208. 9
98.5
106. 6
108. 4
118. 9
131. 1
131. 7
147, 4
170.8
194. 0
195. 6
71.3
81. 6
83. 3
88. 8
98. 5
100.6
104. 6
116.8
136. 8
149. 6
25. 5
28. 5
28.0
30. 3
34.2
36. 1
37. 9
41. 1
47. 0
52. 2
24. 9
27.8
27. 3
29. 6
33. 5
35. 3
37. 1
40. 4
45.7
50. 3
45.8
53. 1
55. 3
58. 5
64. 3
64.4
66.6
75. 7
89. 8
97. 4
41. 6
48.4
50. 0
53. 6
59.2
58. 9
61. 1
69.4
81. 4
86.8
27. 2
25.0
25. 1
30. 1
32. 6
31. 2
42. 8
54. 0
57. 2
46. 0
26. 7
24 5
24. 5
29. 5
32.0
30. 7
42. 3
53. 4
56. 7
45. 2
14.8
8. 2
7. 1
8. 6
15.0
7. 5
6. 9
15. 4
13. 4
4. 3
4. 9
7. 8
11.4
11. 0
1973: I
II...
199.0
205. 1
209. 0
224.5
189.0
194. 4
197. 1
195. 5
130. 5
135. 6
139.0
141. 9
44.6
46. 2
47.9
49. 3
43. 6
44. 9
46. 4
47.8
85. 9
89.4
91. 1
92. 6
78. 5
81. 1
82. 6
83.5
58.5
58.7
58. 1
53. 6
58. 0
58. 4
57. 6
53.0
10. 0
10.7
11. 8
28.9
24.0
210.5
211. 8
205.8
207. 6
193. 6
198. 3
197. 1
193. 2
145. 2
149. 4
150. 9
152.7
51. 3
52. 2
51. 0
54. 3
49. 5
50. 4
49.2
52. 3
93. 9
97. 2
99. 9
98.4
84.6
86.9
89. 2
86. 3
48. 4
48. 8
46. 2
40. 5
47.8
48. 0
45. 4
39. 8
16.9
13.5
13. 1
10. 4
14. 4
13. 8
Ill
IV
1974: I
II
III
IV »
Swire©: Department of Commerce.
8
9.6
7.8
4.5
6.3
8.5
8.7
7.7
6. 5
7. 7
7.4
6.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
have projected a rise of 4% percent In plant and equipment outlays for 1975. This Implies a sizable
In real terms.
IIUONS OF DOUARS
BILLIONS OF DOLLARS
140
TOTAL NEW PLANT AND EQUIPMENT
40
20
v
1975
1969
J/5EE FOOTNOTE 3 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufactur ing
Period
Total *
Total
1967
1968
1969
1970
1971
1972
1973 3
1974
1975 3
1973: III
IV
1974:
I
II
III
IV s
1975: I s
Iis
65. 47
67. 76
75. 56
79. 71
81. 21
88. 44
99. 74
113. 92
117. 09
100. 90
103. 74
107. 27
111. 40
113. 99
114, 40
118. 06
119. 47
28. 51
28. 37
31. 68
31. 95
29. 99
31. 35
38. 01
45. 80
49. 92
38. 81
40. 61
42. 96
45. 32
47. 04
47. 33
50. 68
52. 62
K oilman ufacturir ig
Trarisportai 4on
Dur-
Non-
able
goods
durable
goods
Total
14. 45
14. 25
1 5. 72
16. 15
15. 84
15.72
18. 76
23. 13
26. 83
19. 08
20. 13
21.53
22. 82
23. 96
23. 88
26. 59
28. 12
36. 96
39. 40
43. 88
47. 76
51. 22
57. 09
61. 73
66. 12
67. 17
62. 09
63. 12
64. 31
66. 08
66. 94
14, 06
14. 12
15. 96
15. 80
14. 15
15. 64
19. 25
22. 67
23. 08
19. 73
20.48
21. 43
22. 50
23. 08
23.45
24. 09
24. 50
67.06
67.38
66.85
1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations.
^° Includes
finance, and
xoo trade,
i/iovio, service,
oui. VAV/O, construction,
wiion uv/wjii, jLUAauuo,
t»u.u. insurance.
J..UOUJ.CHWO.
tates based on expected capital expenditures as reported by business
Jbtober-December 1974. Includes adjustments when necessary for systematic
dencies in expectations data.
Mining
1.65
1.63
1. 86
1. 89
2. 16
2.42
2. 74
3. 10
3.67
2. 82
2.76
2.80
3. 07
3.27
3.24
3. 34
Railroad
Air
1. 86
1.45
1. 86
1.78
1.67
1. 80
1. 96
2. 48
3. 17
1. 95
2.05
2. 10
2.42
2.68
2.79
2. 68
2. 29
2. 56
2.51
3.03
1. 88
2. 46
2.41
1. 97
1. 78
2. 49
2.20
2. 13
2.21
1.84
1. 70
1. 91
Other
1.48
1. 59
1. 68
1. 23
1. 38
1. 46
1. 66
2.03
2. 34
1. 79
1.73
1.63
1.84
2. 16
2.38
2. 42
Com-
Public
muniutilities
cation
8.74
10.20
11. 61
13. 14
15. 30
17. 00
18. 71
20. 60
21. 46
18. 58
19.80
20. 12
20. 97
20. 16
21. 11
21. 68
Commercial
and
other
2
6.34
14,59
6. 83
15. 14
8. 30
16. 05
10. 10
16. 59
10. 77
18.05
11.89
20. 07
12.85
21.40
13. 86
22,08
34. 75
13. 12
21.36
13.24
21. 35
13. 83
21. 60
13. 94
21.63
14.01
22.84
35 83
35. 36
NOTE.—Annual total is the sum of unadjusted expenditures; it does not
necessarily coincide with the average of seasonally adjusted figures;
ee figures
gures doo not
o agree w
oas included
n c u e in
n thee gross
gros13 national product
These
with thee totals
estimates, principally because the latter cover agricultural investment and also
certain equipment and construction outlays charged to current expense.
Source: Department of Commerce.
9
STATUS OF THE LABOR FORCE
In December, seasonally adjusted nonfarra employment
by 451,000 to 81.9 million
less
the
In July 1974. Unemployment Increased by 582,000 persons to 6.6 million.
OF
1.1 mill
MILLIONS OF PERSONS*
OF
OF
i
1968
16 YEARS DP AGE AMD OVBt
SOURCE, DEPARTMENT Q?
1'otal
labor
force
(including
Armed
Forces)
1
92,
Dec..! 91,
!
COUNCIL CF ECONOMIC ADVI^RS
Civffig in einploy inent
Total
Nonagricultural
Total
labor
force
Civilian
(indudr labor
ment
Ing
Armed
! Forces)
of
16
of
Civiliiin emplo ymeafc
Tola!
Agricultural
Nonagricultural
t
CTnen jUneiapioyinen
(percent of particiployoiviH&n labor pation,
raeni
force;
!
SELECTED
""
OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
seasonally adjusted unemployment
Increased by 0.6 percentage point to 7*2 percent In December^ the
est monthly rate since August 1958, and was 2.3 percentage points above the December 1973 rate.
SEASONALLY
LABOR FORCE TIME LOST
\
r
/ //
///
•••-••••-X--....:--"
UNEMPLOYMENT RATE, EXPERiENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1968
SOURCE: DEfARTMENT OF LABOR
COUNCIL Of ECONOMIC
Uneca ploy men t rate
fpercen t of civil Lin labor
for ce in G.TOI ip)
Period
Labor
^ T
force
eneed Married
men
time
All
and (wile
workers wage
salary
workers present)
J
Over 40
hours
;
Per cent
1971 „
__1972
1973
_ _ _ _ _ _._
1974
..„
5. 6
5. 7
5. 3
5. 6
4.5
4,9
5.9
4.9
3. 2
2. 8
2. 3
2.7
6. 4
6. 0
5, 2
6. 1
19, 095
20, 320
21, 284
20, 241
5. 2
22, 099
22, 225
19,913
19, 730
20, 854
17, 153
21, 323
20, 938
19, 702
19, 842
21, 653
21, 737
20, 257
19, 787
Seasonal! v ad lusted
1974:
Nov......
Deo
Jan_ „ _ _ „
Feb.......
Max
Apr
_
„____.
June
July __
Aug.
Sept.....
Oct...
Nov. . «...
Dec. _ _ _
4.8
Jh9
5. 2
5. 2
5. 1
5. 0
6. 2
6. 2
5. S
5. 4
6 8
6. 0
6.6
7. 2
L5
4.6
4.7
2, 2
2. 2
2. S
4.9
4.8
4*9
2. S
6, 0
5, 1
5, 2
5. 5
5. 7
6. 2
6. 9
IS. 2
S. 6
2. 7
2. 7
2.8
3.0
3. S
3.8 \
4.9
2.4
2.4
5. 4
5.6
5.6
5. 6
5, 7
5. 7
5. 6
5.8
5. 8
6.4
8. 6
7. 2
7. 9
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.
ar <3Differs from total nonagrieultural employment, (p. 10), which includes per•*» « with
but not at work for such
as vacation, illness, bad weather?
ndustrial
Lcludes persons who werked part-time because of slack
or repairs,
job
or job
Persons at work in nonagn cultural Ir
tdustries
by hours worked |>er week 2
Uiider 35 ho urs
Part-ti me for
Part-ti me for
economi c reasons economi B reasons
35-40
Total
hours
Usually Usually Usually Usually
partfullpartfulltime 4
time s
time 3
time 4
Thousan ds of pers ons 16 ye ars of age and over
35, 752 16, 298
1, 184
1, 256
36. 794 16, 549
1,327
1, 081
37. 426 17, 473
1,074
1,237
38? 767 18, 275
1, 308
1,401
(Jnadjustec I
Seasonall v adjusted
38, 566 18, 630
1, 083
1, 104
1,282
ifl4S
39, 574 17, 934
1,210
1, 140
1, 192
1,370
38, 579 18, 682
1, 274
1, 111
t, 373
1,222
38, 275 19, 629
1, 375
1,381
1,S7S
39, 416 17, 927
1, 261
1, 127
1,249
1, 291
34, 544 25? 026
1,052
1,080
1,078
1,S1£
39, 775 17, 638
1, 147
1, 265
1, 860
1,486
39, 734 16, 325
1,314
1, 645
1,209
1,276
38, 028 15, 123
1, 992
1, 124
1, 156
38, 476 14, 815
1, 323
1,871
1, 174
39, 905 16, 737
1, 280
1, 370
1, 257
1, 566
39, 877 17, 769
1, 283
1, 368
1, 3M
39, 345 19, 851 5 1,516
1,412
39, 247 19, 768
1, 746 « 1, 351
1,824
4
Primarily
8
who could fiod
24,1;
revised
Average
Not©.—Seasonally
not
of
18.9.
part-tkue for
il
UNEMPLOYMENT INSURANCE PROGRAMS
In December, insured unemployment under State programs averaged 1.6 million more than a year earlier. The seasonally adjusted insured unemployment rate rose sharply from 4.2 percent In November to 4.9 percent in Decei
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
ISTATE PROGRAMS!
JAN.
JULY
AUG.
SEPT,
A 11 progran is
Period
_.
__ _
_ _ _
July
Aug
Sept__
Oct *»__
Nov y.
Dec *_
ended:
Dec 21
28
Jan 4
11
„ _
18 * _ _ _
25 » _ _
1
_
Insured
unemployCovered
employ- ment
(weekly
ment
average)
Total
benefits
paid
(millions
of dol-1
lars)
Thou sands
2, 313
59, 375
66, 900
2, 185
1,783
70, 379
2, 578
1,667
2, 093
2,740
2,824
2,751
2, 564
2,278
2, 161
2,290
2, 153
2,081
2,247
2,826
3,913
6, 214. 9
5, 510. 5
4, 527. 0
6, 987. 9
332. 5
378. 2
622.7
599. 3
652. 4
639. 3
584. 5
472. 4
541. 6
522. 3
478. 1
530.2
561.3
781. 8
Stiite progra ms
Insured
unemployment
Initial
claims
Insurec1 unempioymen t as percent
of eovered
Exhausemplo yment
tions
Unad- Seasonadjusted ally
justed
Weekly iaverage, t housaads
2, 150
295
38
1,848
261
35
1,632
246
29
2,269
361
39
1,503
266
25
1,922
395
27
32
2,561
446
2,630
32
359
2,502
35
293
263
2,217
38
1,934
39
237
1,834
40
269
41
1,989
340
1,874
283
40
274
1, 783
35
1, 947
348
36
2,499
480
43
3, 552
703
45
3,639
4,304
5, 018
4,985
53179
with January 1973, monthly data include extended benefits.'
12
DEC
COUNCIL OF ECONOMIC ADVISES*
SOURCEs DEPARTMENT OF LABOR
1971
1972
1973 »
»_
1973: Nov
Dec
Jan
Feb_
Mar
Apr
May
June
NOV
OCT.
3,300
3, 939
4,611
4,564
4,733
678
813
681
970
851
732
Source: Department of Labors
Per sent
4. 1
3.5
2.7
3. 6
2.4
& 7
ai
4. 1
4. 2
4. 0
3. 5
3.0
2.9
3. 1
2.9
2.7
3.0
3.8
5.4
2 8
8. 1
3.3
3.4
3. 8
& O&
D»
0
O.
0
<J
&
o,
o0
& &
&
o,
8.4
3. 7
k®
4.9
Benefi ts paid
Total Average
(milweekly
lions of
check
dollars) (dollars)
4, 957. 0
4, 471. 0
4, 007. 6
4, 521. 1
289. 4
335. 8
570. 8
553. 3
593. 9
552. 7
486.4
383. 4
459. 1
444. 9
381. 0
442. 0
489.7
675.3
54.02
56.76
59.00
63. 97
59. 61
60.40
62.28
63. 35
63. 85
63. 62
62.69
62.50
62. 93
64. 14
64.23
65.20
65. 46
65. 51
5.0
6.0
7.1
6.9
7.2
1
NpNAGRICULTURAL EMPLOYMENT
Private nonfarm payroll employment declined by 674,000 in December. There were large declines in manufacturing
d trade. Employment increased in services and State and local governments.
MIU.10NS Of WAGE
AND SALARY WORKERS
MILLIONS'OF WAGE
(SEASONALLY ADJUSTS))
AND SALARY WORKilS
fSEASOHAHY ABJUSfBJl
(ENLARGED SCAifj
80
ALL NONAGRKIULTURAL
_~-«g*^""-lBII*PI"*V
ESTABLISH/^ ENTS
^XH
\-X^^"^
*7A
^^
.
WHOLESALE AND RETAIL TRADE
"" ^^^^
T)
;
t,
\
NONMANUFAOURiNG
(PR1VATE)
SERVSCS
«MW
44
W
^}w*—"**" "
~ ^^--*~~
40
DURABLE
MANUFACTURING
;
24
NONDURABLE
MANUFACTURING
^
MANUFACTURING
-
»
,M»*«««'»u"5'M*rt"'"1'
%
CONTRACT
CONSTRUCTION
*/•
10
SEESSO*858
....
n
*
^
-GOVERNMWT
A ! ! f ! ! ! » ! '! ! !
? f f f ! I! f ! f !
* 1972
1973
! t 1?!f ! f ! ! ?
! I f ! I IA
f 1 « 1 f f ! 1 ? \ \\.
1974
1975
1972
^
1973
1974
SOURCE: DEPARTMENT OF LABOR
1975
COUNOl OF ECONOMIC ADVISERS
l
[Thousands of wage and salary workers; seasonally adjusted]
N onmanu facturin g (private)
Manufac ;turing ( private)
/"•i
UonNon-
Total
Period
Total
1969___
1970. „
1971
1972
1973
„.
1974** ,
1973: Nov_
Dec__
1974: Jan..
Feb__
Mar.
Apr__
MayJune.
July.
Aug..
Sept.
Oct__
Nov v
Dec35-
70, 442
70, 920
71, 216
73, 711
76, 833
78, 337
77, 915
77, 924
77, 925
78, 053
78, 089
78, 226
78, 357
78, 421
78, 479
78, 661
78, 844
78, 865
78, 400
77, 726
20, 167
19, 349
18, 572
19, 090
20, 054
20, 017
20, 314
20, 323
20, 253
20, 155
20, 116
20, 147
20, 151
20, 184
20, 169
20, 112
20, 112
19, 982
19, 646
19, 141
Durable
durable
goods
goods
11, 895
11, 195
10, 597
11, 006
11, 814
11, 838
12, 021
12, 036
11, 968
11, 883
11, 862
11, 913
11, 908
11, 959
11, 959
11, 899
11, 906
11, 841
11, 626
11, 290
8,272
8, 154
7,975
S, 084
8,240
8, 179
8,293
8,287
8,285
8,272
8,254
8,234
8,243
8,225
8,210
8,213
8,206
8, 141
8,020
7,851
tract
Total
Mining
struetion
38, 073
39, 010
39, 756
41, 281
43, 037
44, 034
43, 680
43, 638
43, 685
43, 831
43, 870
43, 922
44, 019
44, 036
44, 068
44, 223
44, 289
44, 352
44, 188
43, 986
1
Includes all full- and part-time wage and salary workers in nonagricultural
tstablishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
^*~ table not comparable with estimates of nonagricultural employment of the
lian labor force, shown on p. 10, which include proprietors, self-employed
ions, and domestic servants; which count persons as employed when they
con-
619
623
603
622
638
672
648
652
658
661
662
665
668
669
675
676
682
692
696
666
3, 525
3, 536
3,639
3, 831
4, 028
Transportation
and
public
utilities
4 ? 435
4,504
4,457
4,517
4,646
3,984
4, 699
4,099
4,692
4,688
4, 115
4,098
4, 127
4, 102
4,087
4,066
3,994
3,920
3,965
3,939
3,911
3,852
3,802
4,710
4,717
4,708
4,704
4,701
4,698
4,693
4,701
4,679
4,699
4, 693
4,680
TTTI- _ f _
W nolesale
and
retail
trade
14, 704
15, 040
15, 352
15, 975
16, 665
17, 010
16, 904
16, 826
16, 851
16, 871
16, 914
16, 945
16, 994
17, 031
17, 107
17, 140
17, 166
17, 160
17, 042
16, 906
Gover nment
Finance^
insurance,
and
State
Services Federal
3,562
3,687
3,802
3,943
4,075
4, 161
4,116
4,121
4,132
4, 142
4, 145
4? 154
4,161
4,156
4, 157
4,168
4,176
4?185
4,179
4,178
and
.
local
real
estate
11, 228
11, 621
11, 903
12, 392
12, 986
13, 508
13, 221
13, 236
13, 236
13, 313
13, 339
13, 367
13, 429
13, 488
13, 516
13, 573
13, 647
13, 705
13, 726
13, 754
2,758
2,731
2,696
2,684
2,663
2,725
2,673
2, 680
2,680
2,686
2,699
2,705
2,711
2,715
2,735
2,740
2,747
2,748
2,746
2,744
9,444
9,830
10, 192
10, 656
11, 079
11, 561
11, 248
11, 283
11, 307
11, 371
11, 404
11, 452
11, 476
11, 486
11, 507
11, 586
11, 696
11, 783
11, 820
11, 855
are not at work because of industrial disputes; and which ar© based on a sample
of the working-age population, whereas the estimates in this table ar© based on
reports from employing establishments.
Source: Department of Labor.
13
OF
The seasonally adjusted average workweek for private rsonfarrn payroll employees increased by 0,2 hour in Deceml
with declines in manufacturing and trade offset by a recovery in construction.
HOURS PER WEEK SEASONALLY ADJUSTED!
46
'HOURS PER WEEK ^SEASONALLY ADJUSTED!
46
TOTAL NONAGR1CULTURAL
MANUFACTURING
44
44
42
42
40
40
38
38
36
36
34 ii n i n I
1972
1973
1974
1972
1975
42
1973
1974
1973
1974
1975
42
RETAIL TRADE
CONTRACT CONSTRUaiON
40
40
38
38
36
36
34
34
32
32
i I t I Vl I
30
1972
I I I i ! I 1J
i
1973
1974
30
1975
1972
SOURCE* DEPARTMENT Of LABOR
I 1975.
COUNCSL OF ECONOMIC ADVISERS
[Average hours per week1]
Total
nonagricultural
private 2
Period
Manufacturing
Contract
construetioii
ii
Unad justed
1966_.__
.....
1967..
— ....
....
1968.
.
1969—1970.....
_
1971—
.
.
1972______
.
1973............
1974 »„__
Nov
....
..
Dec
........
Jan
..
...
Feb....
....
.
. „
Apr
May.
June
July
.. . .
Aug
..
...
Sept.. -__...
Oct... _-.._._
.
Nov * . .
9.
1
1
1
._
to
_
38. 6
38. 0
37.8
37. 7
37. 1
37.0
37.1
37. 1
36. 6
36.9
37. 1
36.3
36.5
36. 5
36. 3
36. 6
37.0
37, 1
37. 1
36.8
36.6
36.2
36. 5
41. 3
40. 6
40. 7
40. 6
39. 8
39. 9
40.6
40. 7
40, 0
40.8
41. 1
39. 9
40. 1
40.2
39. 1
40. 3
40. 4
40. 0
40. 1
40. 3
40. 1
39. 7
39.9
or notisupervisory employees.
groups shown on p. la.
Total
nonagricultural
private 2
Retail
trade 3
37. 6
37. 7
37. 3
37. 9
37. 3
37. 2
36.9
37. 0
36. 9
37. 3
36.5
34. 8
36.2
36.5
35. 9
36. 7
37.6
37. 9
37. 6
37.5
37.9
36. 6
37. I
Contract
construetion
Retail
trade 3
Seasonalh? adjusted
35. 9
35. 3
34. 7
34. 2
33. 8
33. 7
33. 7
33. 3
32. 7
32, 8 I
33. 3
32. 3
32.4
32.4
32. 7
32. 5
33. 1
33. 7
33. 6
32. 6
82. 2
32. 1
32. 6
Source:
Manufacturing
38, 9
37. 0
86.7
36.8
86. 7
36. 6
36. 7
36. 7
36. 7
86, 7
Of} T
t>O. /
36. 6
36. %
36.4
of
40. 6
40. 6
40. 4
40.4
40. 3
39, 3
40. 3
40. 1
40. 2
40. 2
40. o
40. t
39. 5
39. 4
37. 9
37. 2
36. 4
37. 6
36. 7
36.3
36. 7
36.9
36. 9
36. 4
86. 5
37. 2
37. 2
37. 8
33. 1
33.0
32. 9
32. 9
32. 9
33. 0
32. 9
32. 7
32, 6
32. 6
32.5
32,4
32. 4
32. 3
HOURLY
-
Average hourly earnings increased by 2 cents (5.6 percent annual rate) to $4,38 in December and by 35 cents (8.7
cent) over a year earlier. The adjusted hourly earnings index for manufacturing increased at an annual rate of 14.2
cent in December.
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
280
7.00
CONTRACT
CONSTRUCTION
X*
400
240
CONTRAa
CONSTRUaiON
5.0.0
200
MANUFACTURING
4,00
TOTAt NONAGRICULTURAL
PRIVATE
TOTAL NONAGRICULTURAL
PRIVATE
120
3.00
RETAIL TRADg
&ETAH TRADE
80
2,00
I ! I l l ! .!....! f I
^
1973
1972
1972
1975
1974
1973
1974
SOUSCfs &SFAHTM£NT Of iABOS
1975
C0UNO, OP ICQNOWC
[For production workers or nonsupervisory employees]
Average h<surly earni ngs— curre nt dollars
Total
nonagricultural
private *
Period
1966_»
„___
1967-- —
1968
„
1909™1970
„___„
1971
—
1972___
„
1974»...._
Nov
Dee__
Jan— —
Feb.... — .
Mar
—
Apr.... - _
May... —
June _ „
July .. _
Sept.-
Oct..J ) ....
Nov _.__ —
Dec'
Manufactur-
ing
Contract
con-
struction
$2. 56
2. 68
2. 85
3. 04
3. 22
3. 44
3,67
3. 92
4. 22
4. 03
4. 03
$2. 72
2. 83
3. 01
3. 19
3. 36
3.57
3. 81
4, 07
4. 40
4. 17
4. 22
$3. 89
4. 11
4. 41
4.79
5. 24
5. 89
6. 03
6. 38
6.74
6. 51
4 05
4. 07
4. 09
4. 10
4. 17
4.21
4. 22
4. 26
4,35
4. 37
4. 36
4. 38
4. 22
4. 22
4.24
4. 25
4. 33
4, 38
4. 42
4. 44
4. 53
4. 56
4. 58
4. 64
6. 52
6. 54
6. 53
6. 56
6,60
6, 65
6. 68
6. 86
7. 01
6.99
6. 93
6. 99
a 51
Retail
trade g
$1. 91
2. 01
2. 16
2, 30
2. 44
2. 57
2. 70
2.87
3.09
2. 94
2 94
2.
2.
3.
3.
3.
3
3.
3.
3.
a is
3, 18
3. 17
klsp includes other private industry groups shown on p. 13,
ncludes eating and drinking places.
Adiusted to exclude the effects of overtime and interindustry shifts,
—75-
99
99
01
01
08
10
11
12
16
Manufi icturing
indu s tries
Adjusted Average
weekly
hourly
Retail2
earnearnings.
trade
ings,
1967=
1967
i no s
dollars 4
$68. 57
58
95. 6
114. 90
70. 95
100. 0
74. 95 1
117. 57
106. 1
112. 4
78. 66
117. 95
82. 47
114. 99
119. 4
86. 61
117. 43
127. 3
90. 99 1
135. 1
123. 46
95. 57
143. 6
124. 46
101. 04
155. 9
119. 16
96. 43
146. 9
123. 65
97. 90
148. 5
125. 23
Average ~vweekly earn ings— curr ent dollars
Total
nonagricultural
private s
$98.
101.
107.
114.
119.
127.
136.
145.
154.
148,
149.
82
84
73
61
46
28
16
43
45
71
51
147. 02
148. 56
149. 29
148. 83
152. 62
155. 77
156. 56
158. 05
160. 08
159. 94
157. 83
159. 87
4
Manufactur-
Contract
$112.
114.
122.
129.
133.
142.
154.
165.
176.
170.
173.
$146. 28
154, 95
164. 49
181. 54
195. 45
211. 67
222. 51
236. 06
248. 71
242. 82
237. 62
ing
34
90
51
51
73
44
69
65
00
14
44
168. 38
169. 22
170. 45
166. 18
174. 50
176. 95
176. 80
178. 04
182. 56
182. 86
181. 83
185. 14
con-
struction
228.
236.
238.
235.
242.
250.
253.
257.
262.
264.
253.
259.
90
75
35
50
22
04
17
94
88
92
64
33
96. 58
96. 88
97. 52
98.43
100. 10
102. 61
104. 81
104. 83
103. 02
102.40
102. 08
103. 34
149.
149.
150.
152.
153.
155.
156.
157.
159.
160.
162.
163.
3
9
6
0
7
2
3
6
6
9
1
9
120. 53
119. 59
119. 11
115.48
119. 93
120. 46
119.46
118.77
120. 34
119. 52
117. 84
119. 14
Earnings in current dollars di¥ided by the consumer price index.
Source: Department of Labor.
IS
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production fell 2.8 percent in December, following a 2.5 percent decline in November. December decli
in output were large and widespread among products and industrial materials.
Index, 1967s* 100 {SEASONALLY ADJUSTED)
Index, 1967 =100
(SEASONALLY ADJUSTED?
140
1971
I
1972
1974
1973
SOURCEt BOARD OP GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967
1968
1969
1970
1971
1972
1973
1974 *>
1973: Nov
Dec
Jan
Feb
Apr
May
June
July....
Aug
SeDt
Oct
Nov v
Dec »
Total
industrial
production
100. 0
105.7
110. 7
106.6
106. 8
115. 2
125. 6
124. 8
127. 5
126. 5
125.4
124.6
124. 7
124. 9
125. 7
125. 8
125. 5
125. 2
125. 6
124. 8
121. 7
118. 3
COUNCIL OF ECONOMIC ADVISERS
[1967=100, seasonally adjusted]
Industry
Mimufaeturi ng
Total
100. 0
105.7
110. 5
105.2
105.2
114 0
125. 1
124. 5
127. 4
126. 4
125. 3
124.5
124. 6
124. 8
125. 7
125. 6
125. 2
125. 2
125. 5
124. 5
121. 0
117. 6
NonDurable durable
100,0
105. 5
110. 0
101.4
99. 4
108. 4
122. 0
120. 8
124. 3
123. 1
121. 0
119.4
120.4
120. 7
122. 1
122. 1
121. 6
121. 6
122. 1
121. &
117. 8
113. 5
Source: Board of Governors of the Federal Reserve System,
Market
Fiinal produi3tS
100. 0
106. 0
111. 1
110. 6
113. 5
122. 1
129. 7
129. 9
131; 3
131. 2
131.4
131. 5
131. 0
130. 4130.9
130. 7
130. 8
130.4
130. 5
129. 0
125. 7
123. 5
Mining Utilities
100.0
103. 9
107. 2
109. 7
107.0
108. 8
110. 3
109. 1
111; 3
110. 4
109. 9
111. 7
112. 2
111. 3
111. 0
110. 2
110.2
107. 3
109. 2
109. 1
104. 0
104 0
100.0
109.4
119. 5
128. 3
133. 9
143. 4
152. 6
149. 4
154 6
147.6
1449
146. 1
146. 5
148. 7
149. 1
150. 6
152. 4
152. 7
1 ^ •>
152. 2
151. 9
151. 2
J. l3 <J.
JL
Total
100.0
105.8
109. 0
104 5
1047
111. 9
121. 3
123. 1
123. 6
122. 6
121. 3
120.6
121. 0
120. 7
122. 4
122. 5
122. 8
122. 1
122. 6
122. 4
120. 9
lie. 7
Con-
sumer
goods
100.0
106. 6
111. 1
110. 3
115. 7
123.6
131.7
121.8
133. 5
131. 3
129. 2
128. 3
128. 5
128. 5
129. 6
130. 3
130. 0
129. 8
128. 8
128. 3
126. 4
123. 5
Intermediate MateEquip- products
rials
ment
100. 0
104 7
106. 1
96. 3
89.4
95.5
106.7
118.8
110, 1
110. 1
109. 8
109. 9
110. 1
110. 1
112.2
112. 0
113. 0
111. 4
113. 8
113. 9
113. 2
112. 0
100. 0
105. 7
112. 0
111. 7
112. 5
121. 1
131.0
128. 2
131. 1
129. 1
129. 2
129. 1
128. 1
129. 4
129.2
128. 9
127. 8
128. 6
127. 6
125. 3
122. 0
120. 6
100. 0
105. 7
112. 4
107. 7
107. 4
117. 4
129. 3
127. 6
131. 5
130. 6
129.7
128. 3
128. 9
128.7
129. 1
128. 8
128. 0
128. 5
129. 3
128. 0
122. 7
117. 5
PRODUCTION OF SELECTED MANUFACTURES
Decreased production again occurred in all durable and nondurable manufactures in December except the foods
! tobacco group, which was again unchanged. Declines were particularly large in the transportation and primary
als groups.
Index, 1967 «100 SEASONALLY ADJUSTED)
Index, 1967 =100 (SEASONALLY ADJUSTED!
LUMBER AND PRODUCTS
CHEMICALS, PETROLEUM,.
AND RUBBER
w*,,B««%^»VA>
FOODS AND TOBACCO
FABRICATED METAL
PRODUCTS -^ #**
TEXTILES, APPAREL,
AND LEATHER
PRIMARY METALS
100
1974
197!
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, seasonally adjusted]
Durat le manufgictures
Ncmdurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods
cated
Machintation
Primary
and
and
apparel,
petrometal
ery
metals
equipprodand
print- leum, and tobacco
products
ment
leather
ucts
ing
rubber
Period
100. 0
103. 2
114. 1
106.9
100. 9
113. 1
127.0
124. 4
100.0
106. 3
113. 6
109. 4
107. 4
114. 8
130. 5
131. 3
100.0
101. 9
106. 8
100. 3
96. 2
107. 5
125.8
129. 8
100.0
109.7
107. 6
90.4
92. 9
99. 0
109. 1
97.0
100.0
104. 8
108. 6
106. 3
113. 9
122. 4
127. 9
100. 0
104. 9
105.9
100. 2
100. 7
108. 1
115.0
108. 8
100. 0
104. 2
109. 1
107. 8
107. 8
116. 1
122. 2
121. 1
100.0
109. 6
118. 4
118. 2
124. 7
137. 8
149. 3
151. 9
100. 0
103. 6
107. 5
110. 8
113. 7
117.6
121. 9
124, 8
1973: Nov
Dec
128.9
130.7
133. 1
130. 0
130. 4
130. 9
109.8
103. 0
127. 3
126. 3
116.7
118. 8
121. 9
121. 2
151.6
151. 6
124.7
123. 0
1974: Jan
Feb
Mar
Apr
_ _
May _ _ _ _ _ _ _ _ _ ___ _
June _ _
July.— _ _ _
Aug ___
_
Sept__ _ __ _
Oct
Nov pp __ _
_
Dec
129.5
125.0
125.3
124. 0
124. 6
124. 7
123.2
121.9
123. 0
124.2
120. 6
112. 3
131.
130.
131.
131.
131.
132.
131.
131.
132.
129.
127.
124.
128.
127.
128.
128.
129.
130.
129.
130.
132.
130.
128.
125.
95.7
93. 9
95. 0
97. 8
100.6
99.4
98, 7
99. 9
100. 4
102. 0
93. 9
85.3
126. 1
127. 1
126. 1
126. 8
128. 8
125. 6
121. 6
121. 5
116. 6
109. 3
107. 5
116. 2
115. 3
112. 4
109. 3
109.8
108. 5
108. 1
107. 4
106. 5
104. 7
101. 6
99. 8
121. 7
122. 2
122.5
121. 2
121. 3
122. 3
122. 4
121. 0
122. 7
120. 6
115. 7
114. 7
151.5
151.2
151. 2
153. 5
153.0
153. 8
153. 9
154. 4
154. 7
153. 0
147. 7
142. 9
125. 4
126.2
125. 3
124. 3
126. 5
125.3
124. 8
124. 8
124. 3
123. 6
123. 7
123. 7
1967
1968____
1969..
1970
1971
1972
1973__
1974 *>
.
..
4
6
6
3
9
5
1
6
0
3
1
3
6
2
4
2
7
4
9
5
5
7
9
8
«««rce: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production (not seasonally adjusted) continued to decline in December.
MILLIONS OF SHORT TONS
U
BILLIONS OF TONS
STEEL
14
EB5U
1 JAl i j | i i i 1 l i i 1 1 i > i ] i y.i II 1 1 \ \ i | t I i t ? i I j t \\ 1 1 ill t i i i l ! n
J
F
M
A
M
81LUONS OF KILOWATT HOURS
50
J
J
A
S
O
N
D
ELECTRIC POWER
1973
40
30
100
20
M
M
M
SOURCES* AMIWCAN HON AND STE& INSTITUTE, DEPARTMENT OF THE INTERIOR,
«XSON aiCTRJC INSTTTW^ AND WARD'S AUTOMOTIVE REPORTS
Period
Steel piroduced
Index
Thousands
(1987=
of net
tons
100)
Weekly
1968--.— - — — —
1969—.. — —
..
1970__
......
1971
...
»— —
^
Dee__
.
Jan.. ........
Feb
Mar
ADF
May ....
June_ „ . . _ .
July
Aug. — . — . _
Sept
....
Get
Nov ..
_„_
Dec. _ ..
1975: Jan ^_ .
Week
Dec 21... .
28
....
1975: Jan 4 .....
11
18
25 *>
Feb 1 ».
....
1
Includes data for
18
103. 1
111. 0
103. 4
94 7
1045
118. 5
114 4
2, 515
2,709
2,522
2, 310
2, 549
2, 892
2 ? 791
2,878
2,873
2, 900
2,830
2, 900
2 ? 879
2,840
2, 750
2,672
2, 768
2,848
2,707
2,487
118. 8
118. 0
118. 9
118, 0
118. 4
112, 7
109. 5
113. 5
116.7
111. 0
101. 9
2, 542
2,427
2, 483
2, 589
2, 556
2, 616
2, 675
104 2
99. 5
101. 8
106. 1
104 8
107. 2
109. 6
na o
117; 8
COUNCB. Of ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Car s and tnicks
power
coal mined
loaded
produced assemb led (thoiisands)
distributed (thousands (thousands (thousands
of
(millions of
of
l
of tons)
Total
Cars Tracks
25, 244
27? 588
29? 317
30, 923
33, 540
35, 834
35, 839
34, 911
35, 150
35, 617
34, 224
33, 248
34 612
37, Oil
39, 982
39, 269
35, 692
34, 233
34, 839
36, 039
36, 360
10, 485
10, 779
11, 595
10, 619
11, 450
11, 380
11, 331
11, 529
11, 348
12, 201
12, 078
12, 305
12, 579
11, 759
11, 051
11, 606
12, 623
13, 269
7,676
8,631
543
543
522
486
502
526
508
485
491
524
529
520
535
542
500
510
5.14
546
464
413
479
507
489
501
548
569
552
512
505
584
595
587
597
589
536
573
524
556
522
437
207.6
195.8
158. 9
204 8
217.3
243. 6
192. 1
177. 0
189. 1
200. 1
196. 1
207. 7
216. 6
220. 3
166. 6
137. 9
208. 6
239. 7
196. 5
126. 1
122.2
170.1
158. 1
125. 9
165.0
169, 6
185. 8
140.2
129. 0
133. 1
141. 1
139. 2
152. 6
159. 1
163. 2
115. 9
103. 3
159. 1
181. 7
142. 4
88. 8
88.2
37.5
37.8
33. 0
39. 8
47.6
57. 8
51. 9
48. 0
56.0
59. 0
56. 8
55. 1
57.5
57. 1
50.6
34 5
49. 5
58.0
54. 1
37. 3
33. 9
37, 146
33, 096
34, 296
36, 379
38, 040
37, 010
36, 077
10, 400
8, 880
10, 815
12, 995
12, 285
11,820
447
314
363
4.54
436
449 i
482
287
167. 8
346
445
471
73. 1
1 56. 5
97. 2
147. 6
136. 6
112.5
.0
52. 6
115. 5
67. 8
108. 1
97, 2
55. 3
.2
20. 5
41. 0
29. 4
39. 5
39. 3
o
, £
NEW CONSTRUCTION
According to preliminary estimates, expenditures for new construction declined about 1 percent in December. The
:lines in private residential and nonresidential construction were offset in part by a rise in public construction.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
160
SEASONAU.Y ADJUSTED ANNUAL RATES
140
140
TOTAL NEW CONSTRUCTION
120
120
too
100
PRIVATE
80
80
60
60
.PUBLIC-
40
S5E
18«8»,.,..H^''
' ' »'»«^
40
a8««»*M""»««4lV**«j!«ittll'!
t f ! I ! I t M t il
t II I ! I ! ! I t )
20
1968
1974
SOURCE DEPARTMENT Of COMMERCE
Total new
construction
expenditures
Period
COUNCIL OF ECONOMIC ADVISERS
Private
!
1
Resictentlal
I
Total
i
1969
.
_
1971
1972
____
»._...__„„
93. 9
94 9
110.0
124, 1
135. 5
1344
66. 0
66.8
80. 1
93.9
102. 9
96. 1
Total *
Commercial
industrial
New
housing
units
BI llions of doll are
33. 2
25.9
24. 3
31. 9
43. 3
35. 1
44. 9
54. 3
57. 6
47. 8
46.5
37,0
16. 2
16. 3
17.0
18. 1
21. 7
23.8
Seasonall / adjusted a?inual rates
Oct.. _ ~ _
Nov
Dec..
Jc,n— ....
"^eb
1 v
- .' ~i'i*
i -*-\Y
j mv___.
t
JL1C -
vlliV
^ *O L£t
S-^-n4-
Nov
Doc"
20
136, 4
135. 7
133. 2
132. 6
136. 3
135. 1
138. 4
138. 2
136. 9
137. 9
134. 5
132. 9
133. 0
130. 1
129. 1
103. 3
102. 3
100. I
97. 8
98. 3
98. 6
97. 4
97. 9
98. 4
98. 0
96, 3
94. 6
94.2
92. 1
90. 1
56. 3
54. 5
52. 4
49. 7
48. 9
48. 6
48.2
48. 0
48. 3
48. 9
48. 3
45. 9
43. 3
40. 9
38. 9
46.2
44, 2
42. 1
39. 8
38.9
39. 1
39. 3
39. 7
39. 5
38. 9
37. 5
35. 5
33. 7
31. 7
29. 7
Other
18. 6
18. 6
19.8
21.5
23. 6
25. 9
Construct]' on contracts 2
CommerFederal, !
State,
Total value cial and
index,
and
industrial
local
(1967 =
floor space
100)
(millions of
square feet)
28. 0
28. 1
29. 9
30. 2
32. 6
38. 3
123. 7
123. 1
145. 4
165. 3
179.9
168. 6
1 Seasonally
adjusted
22. 5
24.5
33. 2
23. 1
24. 6
33. 4
24.5
23. 2
33. 1
22, 6
25. 5
34.8
24. 5
25.4
37.5
24.2
25.8
36.4
23.2
26. 1
39. 0
24. 0
25. 9
40. 3
24.5
25. 7
38. 5
25. 9
23. 1
40.0
22. 7
25.4
38. 2
25.4
23.3
38.3
24. 6
36.3
38. 9 i
24 7
26. 5
38, 0
24. 1
27. 1
39. 0
Sources: Department of Commerce and McGraw-Hill
Companys F. W. Dodge Division.
883
743
727
854
1,021
860
Seasonally
adjusted
annual
rates
191
1, 108
194
1, 047
161
'815
155
885
187
968
181
878
167
1, 003
188
924
166
909
177
934
170
1, 024
187
900
148
757
154
679
176
632
Information Systems
19
Housing starts declined 12.3 percent In December to an annual rate of 868,000—the lowest since October 1966.
Permits for future housing rose for the first time since March 1974.
MILLIONS OF UNITS
3.0
MILLIONS OF UNITS
3.0
1.0
1968
SOURCES: SEPARTMENT OF COMMERCE. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AND VETERANS. ADMINISTRATION
Period
1969
1970
1971
1972
1973
1974^
1973: Nov
Dec
1974: Jan
Feb
Mar. _ _ _ _
Apr _ _ _ _ _
May__ _ _ _
Juiie_
„
July
Aug. _ — _ _ _ _ _
Sept
Oct p
Nov v _
Dec
1
[Thousands of units]
Hou sing star ts
Private
Total
private
and
public
(including
farm)
Total
private
(including
farm)
1, 499. 5
1, 469. 0
2, 084. 5
2, 378. 5
2, 057. 5
1, 351. 0
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 336. 3
1, 466. 8
1, 433. 6
2, 052. 2
2, 356. 6
2, 045. 3
1, 336. 3
134.6
90. 6
86.2
109. 6
127.2
160. 9
149. 9
149. 5
127.2
114. 0
99. 6
97.2
74. 9
54. 6
133. 3
90. 4
84.5
109.4
124.8
159. 5
149. 0
147.6
126. 6
111. 1
98. 3
96. 7
74.4
54. 3
1,675
1,403
1,464
1, 922
1,499
1, 630
1,471
1,596
1,338
1, 134
1, 150
1, 109
Total (including5 farm)
Total
Propos ed home
constniction 3
Gover nment
home p rograms
(noni arm)
Two or
more
FHA* VA
units
810.6 656. 2 153. 6
51. 2
812. 9 620. 7 233. 5
6L 0
1, 151. 0 901. 2 301.2
94. 0
1, 309. 2 1, 047. 5 198.4 104.0
1, 132. 0 913. 3
73.6
86. 1
887.4 448.8
56.8
72.8
Seasona lly ad jus ted annu al
938
57
737 1 1
57
One
unit
767
793
1,056
962
996
931
1, 014
990
868
For 1- to 4-unit structures.
2 Authorized by issuance of local building permit: in 14,000 permit-issuing
places beginning 1972; 13,000 for 1967-71; 12,000 for 1963-68; and 10,000 prior to 1963.
20
COUNCIL OF ECONOMIC ADVISEES
958
812
844
777
788
678
636
671
866
537
634
540
582
380
322
306
332
202
190
37
39
48
48
41
63
57
54
58
61
73
71
67
68
61
64
72
74
79
75
71
69
75
79
71
77
New
private
housing
units
authorized 2
1, 323. 7
1, 351. 5
1, 924. 6
2, 218. 9
1, 819. 5
1, 051. 8
rates
1, 361
1,285
1,282
1,325
1,410
1, 296
1, 120
1, 106
1,017
900
823
782
730
802
Applica- Requests
tions for forVA
FHA appraiscommitals
ments l
187. 6
315. 0
366.8
225. 2
83. 2
87. 1
138.2
143.7
217.9
209.4
161. 9
160. 1
56
30
46
62
71
71
89
91
106
83
97
127
105
73
134
124
124
163
144
150
157
185
159
184
167
187
158
127
8 Units represented by mortgage applications or appraisal requests for new
home construction.
Sources: Department of Commerce, Department of Housing and Urban
Development, and Veterans Administration.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
B*»*ail sales rose 0.7 percent in December according to advance reports.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
35 (
RETAIL TRADE (ENLARGED SCALE)
DURABLE GOODS STORES
30
LIONS OF DOLLARS (SEASONALLY ADJUSTED)
240
25
TOTAL BUSINESS
INVENTORIES
INVENTORIES
220
20
200
15
180
SALES
10
TOTAL BUSINESS
SALES
160
1
NONDURABLE GOODS STORES
.V
140
45
40
35
30
25
1972
1973
1974
1975
1972
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
Total tmsiness
Period
1975
1974
l
Wholesale
Sales 2
Reitail
[nventories
NonInvenDurable durable
tories 3
Total
goods
goods
stores
BMillions of (lollars, se asonally a djusted
3
Nondurable
goods
stores
Sales2
Inventories 3
Sales 2
1968
1969
1970
1971
1972
1973 4
1974
97, 138
103, 134
104, 736
112, 315
124, 244
143, 742
164, 308
155, 845
167, 360
175, 561
184, 401
197, 087
224, 004
267, 947
18, 366
19, 756
20, 583
22, 327
24, 862
30, 400
37, 358
22, 997
24, 910
27, 290
29, 695
32, 817
38, 302
45, 976
28, 490
29, 824
31, 294
34,071
37, 365
41, 943
44, 872
9,268
9,626
9,524
10, 985
12, 472
14, 190
14, 023
19, 222
20, 197
21, 770
23, 086
24, 893
27, 754
30, 849
41, 973
45, 376
46, 626
52, 261
56, 551
64, 832
74, 836
19, 167
20, 647
20, 345
23, 808
26, 034
29, 646
34, 376
22, 806
24, 729
26, 281
28, 453
30, 517
35, 186
40, 460
1973: Oct
Nov
Dec
149, 789
152, 335
150, 711
216, 889
219, 867
224, 004
32, 238
33, 181
33, 978
36, 809
37, 509
38, 302
42, 970
42, 976
42, 116
14, 331
14, 090
13, 270
28, 639
28, 886
28, 846
62, 856
63, 923
64, 832
28, 878
29, 405
29, 646
33, 978
34, 518
35, 186
154, 064
1974: Jan._
156, 098
Feb...
Mar
._ 159, 239
Apr____
160, 675
162, 924
May
163S 052
June.
July.
168, 824
Aug__ __. .. 171, 644
170, 862
Sept
Oct v
171, 647
Nov
_.
168, 356
5
Dec "_._ _
162, 182
226, 918
230, 140
233, 120
235, 216
239, 217
243, 831
248? 775
253, 308
258, 622
264, 612
267, 947
34, 743
35, 986
37, 170
37, 342
36, 913
37, 293
38, 449
38, 828
38, 748
37, 751
37, 714
37, 365
38, 986
39, 640
40, 425
40, 423
41, 203
42, 347
43, 171
43, 704
44, 500
45, 642
45, 976
46, 212
42, 932
43, 134
43, 872
44, 283
44, 894
44,593
46, 356
47, 056
46, 177
45, 803
44, 490
44, 808
13, 525
13, 327
13, 660
13, 941
14, 289
14, 049
14, 963
15, 381
14, 419
13, 645
13, 052
13, 348
29, 407
29, 807
30, 212
30, 342
30, 605
30, 544
31, 393
31, 675
31, 758
32, 158
31, 438
31, 460
65, 362
65, 669
66, 195
66, 355
67, 078
67, 943
68, 873
69, 877
71, 147
73, 908
74, 836
29, 731
29, 786
29, 733
29, 638
29, 708
30, 002
30, 069
30, 806
31, 354
33, 390
34, 376
35,
35,
36,
36,
37,
37,
38,
39,
39,
40,
40,
1
The
2
Monthly
' Book
"business" also includes manufacturing (see page 22).
for year and tots! for month.
of period, seasonally adjusted.
Total
Durable
goods
631
883
462
717
370
941
804
071
793
518
460
* Based on seasonally adjusted data through November,
fi Not charted.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
In December manufacturers* shipments and new orders fell sharply while inventories rose.
BILLIONS OF DOLLARS {SEASONALLY ADJUSTED)
100
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
INVENTORIES
SHIPMENTS
^A
CA
SO
TOTAL
140
XN
60
TOTAL
~
^—"-^
'-,-^j
120
DURABLE GOODS
^*\^
40
^^^^O"**"""
7,MMJn,..»»»"""""""
70
^",rr..»^^"
ut«»
NONDURABLE GOODS
f 1 ! ! 1 11! ! ! !
/It ! ! ! I I M 1 ! ! 1 1 ! 1 1 1 t ! ? 1 1
100
too
iiiiS
t,»tt»* i
! 1 t 1 1 J IIII U
DURABLE GOODS
80
NEW ORDE!^S
60
TOTAL
OA
y^^\
>-^
NONDURABLE GOODS
-
^X
40
ZA
.,
DURABLE GOODS
*«>**}>"*
Aft
41 1 ! 1 ! 1 ? ! f ! !
r
1972
***
""""X
1
NONDURABLE GOODS
^,* •*****""**
"i»,»,1.n««««»»«"l*""t^*S
?0
,*«X*
i f I i f 1f t i !r
1973
1 It f ! 1! f ! ! J
1974
! I 1 1 J I ! 1 ! 1 5 V,
1975
^
1972
1975
•SOUKCis DEPARTMENT OF COMMERCE
COUNCIL OF ICOHOMC ADY1SBIS
Manufac turers* sh rpments l Manufad turers7 inv entories 2
Period
Total
Durable
goods
Nondurable
goods
Total
NonDurable durable
goods
goods
Ma nufacture rs' new orde rs 1
| Manu! facDurat>le goods
turers*
invenNonCapital
tory—
durable
goods
shipTotal
industries? goods
ments3
nondefense
ratio
Total
Millions of dollars , seasonally adjustcid
1969...— ....
1970
1971
1972__
1973
.
Nov. _ _ _
Dec
„
Jan _ _ _ _ _
Feb— ....
Mar _ „ _ _
Apr
May
June .„_
July. _ „ _
Aug......
Sept ....
O c t _J >_ _ _ _
Nov p ^___
Dee __
53, 555
52, 859
55, 917
62, 017
71, 398
81, 759
78, 178
74, 617
76, 389
76, 978
78, 197
79? 050
81, 117
81, 166
84, 019
85, 760
85, 937
88. 093
86, 152
80, 009
29, 459
28, 229
29, 948
33, 443
38, 724
42, 648
41, 055
39, 465
39, 994
40, 073
40, 635
41, 232
42, 538
42, 785
44, 122
44, 825
45, 016
46, 548
44, 752
40, 778
24, 096
24, 629
25, 969
28, 573
32, 674
39, 111
35, 123
35, 152
36, 395
36, 905
37, 562
37, 818
38, 579
38, 381
39, 897
40, 935
40, 921
41,545
41, 400
39, 231
97, 074
101, 645
102, 445
107, 719
120, 870
150, 059
118, 435
120, 870
122, 570
124, 831
126, 500
128, 438
130. 936
133, 541
136,731
139, 727
142, 975
145, 062
147, 135
150, 059
63, 371
66? 768
66, 050
70, 218
79, 441
97, 630
77, 645
79, 441
80, 541
81, 925
83, 014
84, 108
85, 715
87, 366
89, 286
91, 004
93, 184
94, 680
95, 787
97, 630
* Monthly average for year and total for month.
a Book value, end of period, seasonally adjusted.
§For annual periods, ratio of weighted average inventories to average monthly
22
33, 703
34, 877
36, 395
37, 501
41, 429
52, 429
40, 790
41, 429
42, 029
42, 906
43, 486
44, 330
45, 221
46, 175
47, 445
48, 723
49, 791
50? 382
51, 348
52, 429
53, 646
52, 118
55, 726
62, 922
73? 836
83, 330
78, 601
76, 292
78, 139
79, 127
79, 547
82, 059
85, 264
85, 176
87, 517
90, 393
87, 147
86, 369
84. 282
76, 935
29, 549
27, 486
29, 745
34, 274
41, 098
44, 291
43, 475
41, 027
41, 515
42, 267
41, 974
44, 124
46, 730
46, 848
47, 709
49, 463
46, 402
45, 084
43, 182
37, 946
I
7,694
7,055
7,324
8,487
10, 310
11, 465
11, 160
10, 943
11, 003
11,415
11. 300
11, 925
11, 804
12, Oil
12, 800
11, 805
11, 832
11,383
10, 623
10, 108
24, 097
24, 632
25, 981
28, 648
32, 738
39, 038
35, 126
35, 265
36, 624
36, 860
37, 573
37, 935
38, 534
38, 328
39, 808
40, 930
40, 745
41, 285
41, 100
38, 989
I
1
!
1
176
1.89
1. 82
1. 69
1. 58
1. 64
1.55
1. 62
1. 60
1. 62
1. 62
1; 62
1. 61
1. 65
1. 63
1, 63
1.65
1. 71
188
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce.
MERCHANDISE EXPORTS AND IMPORTS
merchandise trade deficit of $606 million (seasonally adjusted) in December brought the trade balance on the
•us Bureau basis for 1974 as a whole to a deficit of $3.1 billion. The rise in the value of oil imports due to sharply
ner prices of that commodity was the primary reason for the reemergence of a deficit following a surplus in 1973.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1968
1974
COUNCIL OF ECONOMIC ADVISEES
SOURCE: DEPARTMENT Of COMMERCE
[Millions of dollars]
expor ts
Mererlandise iiuports
Total (includ-l \
I.) oiiiestic export 3
Gen eral imp<jrts 3
•- • • ing reex ports)
Food, Crude 1 ManuFood, Crude
Tc tfl^ ^
facbever- matebever- mate12
Season- UnadTotal | ages,
tured
rials
ages,
rials
ally ad- Unadgoods ally ad- justed and to- and
and to- and
justed
justed
justed
bacco
fuels
bacco
fuels
TVlerchand tse
Period
Monthly average!
1967
1968
1969
1970
1971
,
1972
.
1974
._-^
2,
2S
3,
3,
3,
4,
5,
8,
588
839
111
555
629
100
902
159
2,
2,
3,
3,
3?
4,
5.
8,
554
802
066
502
576
033
811
045
392
383
370
422
423
547
1, 078
1, 269
394
405
417
558
537
591
895
1, 317
2,
2,
3,
3,
3,
4,
5,
8,
1, 737
1, 985
2, 232
2, 445
2, 537
2, 812
3,728
5,294
241
769
004
329
797
632
790
414
U n ad juste 1
1973: Nov
j
Dec
_J
1974: Jan
Feb__ -_-j
Mar
_j
Apr
1
May __ J
June _
JulyJ
Aug
1
Sept
Oct
Nov
Dec
6'. 879
6, 949
7, 104
7,599
7, 654
s, 225
f, 031
8, 357
8, "307
8, S6<)
S ?S2
S, 660
0, 002
£>
Oj 7«>0
/ t.-v j
7, 100
6, 921
6, 825
7, 2C2
8, 498
S, 372
8, 428
8, 327
7, G"<5
7, 929
7, 60S
8, 92G
95 343
8, 703
7,
6,
C.
7,
8,
8?
8,
008
837
744
201
384
253
297
8,211
7, 553
7, 801
7, 504
8, 780
9, 224
8. 592
1. 513
1, 385
1, 286
1, 239
1, 336
1, 274
1. 196
1, 181
1, 172
1, 118
1, 084
1, 295
1, 585
1, 466
1, 115
1, 104
1, 070
1. 263
1, 363
1, 427
1, 427
1, 360
1, 239
1, 226
1, 066
1, 349
1, 668
1, 342
tai excludes Department of Defense shipments of grant-aid military supjres and equipment under the Military Assistance Program.
as Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than Intranslt shipments.
392
447
442
519
534
615
770
892
447
503
533
545
606
737
1, 120
2, 651
Merchandise
trade
Manubalance,
facseasontured
goods ally adjusted
1, 313
1, 719
1, 918
2, 159
2, 535
3, 147
3,750
4,684
345
70
107
225
— 168
-532
112
-255
4, 316
3, 463
3,882
3. 718
4, 295
4, 444
4, 902
4, 799
4, 897
5? 020
4, 812
5, 347
5, 134
4.959
195
658
634
203
-192
81
— 777
— 258
-732
-1, 133
— 237
29
-113
-606
Unad. usted
4, 239
4. 242
4. 246
4, 567
5, 521
5, 380
5, 517
5, 500
4, 960
5,292
5, 190
5, 988
5, 786
5, 577 i
6, 684
6, 291
6, 470
7, 896
7, 847
8,144
8,408
8, 610
9, 039
9, 502
8,620
8, 685
9, 175
9, 335
6,
5,
6,
6,
7,
85
8,
8,
9,
9,
8,
9,
8,
9,
845
974
652
696
825
373
901
554
006
166
441
186
975
197
948
859
881
830
1, 015
937
939
896
901
879
762
771
895
996
1, 438
1, 496
1, 745
1,993
2, 344
2, 814
'?., 886
2, G~5
3, 014
3, 079
2, 667
2, 852
2, 716
3, 024
NOTE.—Data adjusted to include silver ore and bullion reported
prior to 1969.
Of
gj^
U.S. BALANCES ON GOODS, SERVICES, AND TRANSFERS
The third quarter current account deficit of $1.6 billion represented a $0.5 billion improvement over the second quarter
deficit. The merchandise trade balance (adjusted to the balance of payments basis) was in deficit by $1.5 bil
the fourth quarter. For 1974 as a whole, the trade balance swung from a surplus of $0.5 billion to a deficit o
billion, as the deficit in petroleum and products increased from $7.5 billion in 1973 to $25.1 billion in 1974.
BILLIONS OF DOLLARS
4
BILLIONS OF DOLLARS
4
BALANCE ON CURRENT ACCOUNT
-3
1974
.COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars]
M erefaandis
Period
Exports
1969
1970
1971
1972.
1973
1974"
Imports
e
i2
Net
balance
Militiiry trans actions
Direct
expenditures
36, 414 -35, 807
607 -4,856
41, 947 -39,788 2,159 -4,855
42,754 -45, 476-2, 722-4, 819
_ 48, 768 -55,754 -6, 986-4, 759
70, 277 -69,806
471 -4, 620
97, 074 -102, 837 -5, 763
Sales
Net
balance
1,512
1,478
1,912
1, 154
2,354
-3,344
3,377
-2, 908
-3,604
—2, 266
Netiiavestment i ncome
Private 3
U.S.
Government
Remittances,
Balpenance
on
siongj
and
curother
rent
uniaclateral count
transfers 1
1, 344 -2, 978 -1,633
2, 932 -3,256
-324
-170 -3,647 -3,817
-6,010 -3, 797 -9,807
4,327 -3,876
450
Net
Baltravel
Other ance
and
on
trans- servporta- ices,3 goods
and
tion
net
serv-l
expendices
itures
3,655
156 -1,763 2, 034
3,895
-111 -2, 023 2, 388
5,976
-955 -2, 341 2, 781
6,413 -1,887 -3, 055 3, 110
8,298 -3,008 -2,710 3,540
Seaso nally adj listed
15, 230 -16, 184 -954 -1,175
342
16, 679 -17,042 -363 -1,209
446
III... 18, 152 - 17, 574
578 -1,067
520
!¥_.__ 20, 216 - 19, 006 1,210 -1, 169 1, 046
22, 280 -22, 347
1974: I
-67 -1, 166 673
24, 070 -25, 694 -1,624 -1,319
II
655
rn>__ 24, 615 -27, 165 -2, 550 -1,257 801
iv»._ 26, 109 -27, 631 -1,522
1973:1
II
1
Excludes military grants.
2
Adjusted from Census data
1
-833
-763
-547
-123
-493
— 664
-456
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from net investment income and
included in other services, net.
24
2,081
1,968
2,052
2,197
-634
-760
-795
-819
-686
-781
— 613
-630
3,843
2,635
3, 009
-767
-789
-794
-533
-730
-503
841
815
984
901
921
995
962
-185 -761
116 -1, 056
1,659 -897
2,736 -1,164
2,897 -2, 951
-54
-184 -1,902 -2, 086
-339 -1,249 -1,588
Note,—Merchandise data revised; other data to be revised later.
Source: Department of Commerce.
-946
-940
762
1, 572
U.S. OVERALL BALANCES ON INTERNATIONAL TRANSACTIONS
The official reserve transactions deficit was reduced from $4.5 billion in the second quarter to $328 million (seasonally
djusted) in the third quarter as a rise in U.S, reserve assets offset in part the increase in U.S. liabilities to foreign
fficsal institutions. There was a $1.8 billion improvement in the net liquidity balance to a deficit of $4.5 billion.
BILLIONS OF DOflARS
BILLIONS OF DOUARS
BALANCE ON
CURRENT ACCOUNT
AND LONG-TERM
CAPITAL
1968
SOURC& DEPARTMENT OF COMMStCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Period
NonLong-ter m capital Balance liquid
on
flowsi, net
current shortterm
account private
U.S.
and long- capital
2
Govern- Private
term
flows
ment *
capital
net 2
-2, 164
1, 191 -1, 935
231
-70 — 3, 637 -640
— 1,933
1970
.. -2, 025 -1,429 -3, 778 -482
1971 — . _.. -2, 362 -4, 381-10, 559 -2, 347
-98 -11,235 -1,541
1972
— 1, 330
62 -1,026 -4, 276
-1,539
1973
1968
Allocations
of
special
drawing
rights
(SDR)
Errors
and
omissions,
net
94
-1,805
867
-458
717 -9, 776
710 -1, 790
-2, 303
Net
liquidity
balance
Liquid Official
private reserve
capital
transflows,
actions
net 2
balance
3,252
1,641
-1,611
-6, 081
8, 820
2, 739
-3,851 -5,988 -9,839
-21, 965 -7, 788 -29, 753
3, 502 -10, 354
— 13, 856
2, 302 -5, 304
-7, 606
Seassonally ad justed
1973:1
II
III...
IV—.
1974:1
II
III *__
-371
309 -1,008 -1,663
-324 -1, 170-1,457
-398
1,527
97
1,891
-362 -1,4511
-741 -1,253
j
1, 343
506
1, 795 -3,966
580
-973 -2,479 -5,429
1
5, -1, 998 -3, 581-1, 668
1
Excludes liabilities
2
94
Changes
in U.S.
official
reserve
assets,
net 4
1, 118 -1, 053
1,686 -6,222
783 -4,466
2, 095
1, 042
1,697 -4, 525
4, 138
-328
U.S.
official
reserve
assets,
net
(end of 5
period)
-761
-880 15, 710
- 1, 552 — 1, 187 16, 964
7, 362
2,477 14, 487
27, 405
2, 348 12, 167
10, 322
32 13, 151
5,095
209 14, 378
Unadjusted
-3, 943 -6,614 -3,581 -10, 195 9,975
2,063
850 -1,777
286
-303
1,652
1,942 -1,929
290
-336
-869
3,530
1, 125
2,661 -2, 646
to foreign official reserve agencies.
Private foreigners exclude the IMP, but include other international and
regional
organizations.
3
Includes liabilities to foreign official agencies reported by U.S. Government
and U.S. banks and U.S. liabilities to the IMF arising from reversible gold sales
to, and gold deposits with, the United States.
* Consists of gold, special drawing rights (SDR), convertible currencies, and
the
U.S. gold tranche position in the IMF. Minus sign indicates increase.
5
Includes increases (in millions) as follows: 1989, $67 due to revaluation of the
man mark in Oct. 1969; 1971, $28 due to dollar value of foreign currencies
Changes
in liabilities
to
foreign
official
agencies,
net 3
220
17
-13
-15
12,
12,
12,
14,
931
914
927
378
-832
-210 14, 588
4,883
-358 14, 946
1,331 — 1,003 15, 893
revalued to reflect market exchange rates as of Dec. 31, 1971; 1972, $1,016 due to
change in par value of the dollar on May 8, 1972; and fourth quarter and year
1973, $1,436 due to change in par value of the dollar on Oct. 18, 1973.
Beginning July 1974, SDR and reserve position in the IMF based on new
method of valuation. On a pre-July basis, reserve assets for Sept. 30, 1974 are
$15,949 million.
Note.—See Note, p. 24.
Sources: Department of Commerce and Department of the Treasury.
25
CONSUMER PRICES
In December, the consumer price Index rose 0.7 percent (also 0.7 percent seasonally adjusted). Food prices increaj
1.1 percent (0.7 percent seasonally adjusted). Nonfood commodity prices Increased 0.4 percent (also 0,4
seasonally adjusted) and services prices rose 0.9 percent.
INDEX, 1967 = 100
INDEX, 1967 = 100
170
170
160
H 160
150
140
130
120
•i no
110
1001 *? !
M f J
! M ! !
1968
r f f
i
f 1 I f
F ! 1 i
1969
1 J I M
I f f ? F f f
1
1970
r f f ! ! I J f ! ! !
! r ! t f ! ?f ; f i
1971
1972
! f ! f I1 ! 11 f !
! ! ! F 1! { I ! 1 i
1973
1974
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOA'JC AD'.'lSfRS
Period
All
Items
1986.
. .....
...
1967__
_„„_„
1968
.
1969
1970
1971......
1972.......
__„__.
.......
1973
.
.
..
1974
1973: NOT
.....
DM.... ........
1974: Jan..............
F*
_„_„ .
._ _.
_ „_
Apr
....... .
Mav.
.....
. __
June.. .. _
Julv
Aug__ -__
Sept
— ..._
__ .
Get-.N©v_
-...._
Dec.___.
.
— — —
97. 2
100. 0
104. 2
109. 8
116. 3
121. 3
125. 3
133, 1
147.7
137. 6
138. 5
139.7
141.5
143, 1
143.9
145. 5
146. 9
148. 0
149. 9
151. 7
153. 0
154.3
155. 4
Sonree: Department of Labor.
26
100
All commodities
98. 2
100. 0
103. 7
108. 4
113. 5
117. 4
120. 9
129. 9
145. 5
134. 7
135. 7
137. 0
139.3
141. 0
141. 8
143.4
144. 8
145. 6
147. 6
149.4
150. 7
152. 0
153.0
Services
Co mzuoditie 3
Comrr odities !e£5s food
Services
All
Food
Rent
less
Nonservices
Durable durable
All
rent
99. 1
100. 0
103. 6
108. 9
114. 9
118. 4
123. 5
141. 4
161. 7
150. 0
151. 3
153. 7
157. 6
159. 1
158. 6
159. 7
160. 3
100. 5
162. 8
165. 0
166. 1
167.8
169.7
97. 5
100. 0
1 03. 7
108. 1
112. 5
1 1 o ;%
111). 4
123. 5
130. G
126. 3
127. i
127. 9
129. 2
131. 1
132. G
134. 5
136. 2
1 37. 5
139. 3
1-10. 9
1 4.9 9
143. 3
143. 9
98.5
100. 0
103. 1
107. 0
111. 8
i ]a 5
118. 9
121. 9
130. 6
123. 3
123. 2
123.3
123. 4
124. 3
125. 6
127. 5
129. 7
131. 5
133. 2
134. 8
136. 8
138. 0
138. 8
97.0
100. 0
104. 1
108. 8
113. 1
117. 0
119. 8
124. 8
140. 9
128. 5
130. 0
131. 3
133. 5
136. 1
137. 7
139. 5
141. 0
141. 8
143. 7
145. 3
146. 1
147.2
147.7
95. 8
100. 0
105. 2
112. 5
121. 6
128. 4
133. 3
139. 1
152. 0
143. 0
143. 8
144. S
1-5. 8
147. C
I 'I 7. 9
140. 4
jfiO. 9
"> .V* r.
i • ; -I-.
"• 5'X !'}
If v 7. 3
1 58. * '
100. 0 i
98. 2
100. 0
102. 4
105. 7
110. 1
115. 2
119. 2
124, 3
130. 2
126. 3
126. 9
127. 3
128. C
128. 4
128. 8
120,
?}
0(f
1 } S
inc. '• :-•
VII. 4
1 ?>?. 9
132. 8
133. 5
95. 3
1 00, 0
105. 7
113. 8
123. ?*
130. 8
135. P!
"4-t
C;
156. 0
140, 1
146. 9
'i •<* Q T"
149. 1
150. 151. 4
153, I
L>\ 7
1 •": 0. G
1 53. &•
1(50. o161. 9
163. '6
18-, 8
WHOLESALE PRICES
The wholesale price Index declined 0.2 percent In December (0.5
after seasonal adjustment—the first decrease
:e October 1973). Prices of
products
processed foods arid feeds declined 1.3 percent (2.5 percent seaadjusted). Industrial commodity prices were up 0.2 percent (unchanged seasonally adjusted).
AND
counai OF ECONOMIC ADVISERS
OF 1A80R
SSaS3E2S££SSES£3
[1967=100]
Faren product 3
IiiHi?
€
,es
process^3d foods and
i
Consul per finAll
I
Procnter- Producg 3ods excomCrude in1adiate
All
Inessed
Farm,
Period
er fincludin r4 foods
modimatedustriTotal
prodfoods
.iateties
ished
rials 2
Dur« ! Nonals1
ucts
and
i-ials 3
goods
feeds
able I durable
oas
104 5
9S. 9
96.8
99. 8
105. 9
9a 5
97. S
1968
-»_--_«.»_--..__
101. 2
103. 5
100. 0
100. 0
100. 0
100. 0
100. 0
100. 0
ica o
100. 0
100. 0
100. 0
196?
— 102, 0
102. 2
102. 6
102. 5
103. 4
102. 2
102. 2
103. 5
102.5
102. 5
1968— ....——. ——.1 ioa 5 108. 0 109. 1 107, 3 106, 0 110. 5 100. 1 108. £ 104, 0
105. •)
\r>7 0
110. 0
118. 8
103, 3
111. 7
110. 0
111. 9
111. 0
112. 1
1970—. — ..- - — — — -_ . no. a
'- 1 y f)
i
j,^.
f>
19?!
« i a P 1:2. c 114. 3 114. 0 122, 7 i 14. 3
.111. 3
110. ^
______ _
"! 9*"> ^.
131. 1
IS. 9
ua 2
lie. 6
119. 5
117. 9
125. C
i 1:9. 1
120. 8
155.
2
28.
1
i*2S. 5
335. S
159. 1
125. 9
176.3
148, 1
1 20. 5
1973.....
— — . — — —... 184. '••*
-i r / > o
r
<Z,f\
r
€>u
<L?
141.
0
l^-O.
-3
140.
S
160. I
177. 4
187,7
19' 4_
isa s 219. 1
170. 9
"* ~t z ^
32 '-*•
174, 2
130. 1
19^,1; pCc-.134. 4
139. 2
181 0
351. 9
O/' fc;
179. o
t-->"™.
132. 2
j2-3. 6
12-1 7
i i - ' . i*
168. €
1418
187. 2
155, 7
IBS. 2
37. 9
328. 3
182, 1
119. 6
100. 2
135. 3
202, 6
lilV-; J £-,1-.
„ „ _ _ _ _ _ _ _ . , _ 14C. ^
377. S
•»«>•"} o
" i4, 0
202, 7
40. ft
U"'eb_
_ „ > , _ - , _ _ _ „ _ . _ 149. 5
ISO, o
138. 2
.129. 3
205.
6
164. 7
m «^
"I4- ." r »•
212. 2
142. 4
45. ?
12U. 'J
^ d / . <3
178. 2
3 •')<'7, C
130. S
151. 4
Ii .3.
Ci
p
.
i
<">•">
•".
'
/,
,
.";
";
'
""
•
".
-~T»
-> :-.T
50. -L»
152 7
182, 4
146. C
139. 3
c;.^
-^
1 /t-.l ^
21fL 5
i2a 7
Ms -~_ . , „ _ _ . „ _ _ _
„
«-'L» x
150. 5
135. >)
155. 0
I6'7. ' •
1
A80. S
., ^8. ^3
217, o
] ~; ?*. 7
59. "
153. €
133. '^"
125. 0
^8, 5
I -55. 7
i3I. "•'
7 -,
1 f-r.-;. f-c -,;o P
-j n ^ ji,
125, 8
157. o
"--28. 9
1-iL 5
3-1 5
i;>~;.
T
- r,,,_ ^
•> ,-"% '''
\ "~,7 r'
"I -j-5 "*2
229. 5
00.
G
",f:7. *•"J O:L-. v
I 0. 4
161. S
-i «.**=. »
/^.Vi:J_
__...-_.
1
fjsO*-, C>
* rj 7 ^
s?9 7
".' r; 5%
170 ••
148. 0
162, 9
123. 4
15-1 2
1 0. 8
- -,'."• r,- ...
-, rjs.'J 1
1 ^
O
£!::;. .'5
72. j
164, S
I 3. 5
1.S7. 5
4
7 * J/
1 '">4. 1
j'J.j _„_.___
i--(7, s 3 £9, 77: 165. 8 22a 7
" 5,S. Ti
1"j . 9
1
56, 2
;
•«,» o "»
221. "?
/ O. .6
55. 4
166. 1
.i . -j. O
: 7 "i, 5
183. /
156. 9
Deo.
........
"«88. *
1
r
1 C £'%
J.*-Uv
r><
-J.
...
:
Q
C' v'"" .' tl -
, .. —
_,___._,_
;
f
t
1
Cov?fp.',-; ';f the S'jbcrrGlTOS 'ICS^3 1, ;.«.
s.
corrcbpca _ ozacuy ?o
-| s^r .-J
",
"| g^
|>
and ™ •.-.id'tic-'urs'l
fchis 3 i Deludes inti. •.meoiu'c TH; i-?rl •»is i'cr t'o ou maruTact Brin^
.HijTaci els for iuria 'u% oi.'o.,££."::•";
cinro j,!
itfCt "cer-. m peri
3 G"'
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers declined 1% percent In the month ended January 15. Contributing most to the decrea
were lower prices for wheat, soybeans, corn, eggs, and flaxseed. Prices paid were unchanged. The actual and adjust*
parity ratios each declined 2 points.
Index, 1967 «100
index, 1967 «100
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID,
INTEREST, TAXES, ANDWAGE RATES
140
120
100
RATIO J/
120
RATiOJ/
120
PARITY RATIO (ACTUAL)
1AA
100
$\
1 X,.f%
,<v.-""~
\t
i-»
90
70
60
90
f
on
,,^,9,,.^.-^M^^
S
''«aa*r&*
(
1 |! 1 1 I ! ! ! ! 1 J
1968
4
0
t.,^ '*'''..^"* *""""""**
"""X».n*<X._
! 1 ! 1 ! 1 1 1 1 1
, . I 1 »! 1 , 1 » !
| 1969
1
1970
J
1 t 1 | ] ! ! I 1 ! !
1 1 1 11 1 ! 1 ! ! 1
t
t
i 1972
1971
1 ! | ! 1 1 ! t ! !
On
*
70
| 1 ! ! 1 ! 1 1 t ' ! !
^0
1 1974
1973
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
Period
1966__
1967
1968
1969
1970
.. _
1971
1972
1973
1974___
1973: Dec 15
1974: Jan 15..
Feb 15
Mar 15
Apr 15
May 15
June 15__
July 15...
Aug 15
Sept 15
Get 15
Nov 15
Dec 15
1975: Jan 15s
All farm
products
105
100
103
108
110
112
126
172
183
185
198
202
194
183
175
165
175
181
178
185
182
177
174
Crops
items,
Livestock All
interest,
and
taxes, and
products wage
rates
Index, 1967-100
105
100
101
97
100
107
115
164
212
195
208
220
216
205
201
199
204
214
211
228
224
212
204
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
28
Parity ratio 3
Prices paid by farmers
Prices ]received by JFarmers
105
100
104
117
118
116
134
179
163
179
193
190
179
169
158
142
155
160
154
155
153
153
153
98
100
104
109
114
120
127
145
168
153
157
159
161
164
165
166
168
173
175
176
178
179
179
Family
living
items
98
100
104
109
114
119
124
138
161
147
149
153
155
157
159
160
161
164
166
167
171
173
173
Production
items
99
100
102
106
110
115
122
146
172
156
161
161
162
167
166
168
170
178
182
183
183
184
182
Actual
80
74
73
74
72
69
74
88
81
90
94
94
90
83
79
74
77
78
75
78
76
74
72
Adjusted2
86
79
79
80
77
74
79
91
81
93
94
94
90
83
79
74
78
78
75
78
76
74
72
2
The adjusted parity ratio reflects Government payments made directly t©
farmers.
3 Not charted.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
]Vf07EY STOCK
The seasonally adjusted money stock grew at an annual rate of 3.0 percent in the latest 6 months, June to December^
compared to the 6.1 percent rate of the preceding 6 months.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
420
220
180
1969
1970
1975
1971
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
1Vioney stoc k
I$oney stock
Time
CurCurand
DeDerency
rency
savings
mand
mand
Total
outoutTotal
dededeside
side
posits 1
posits 1
posits l
banks
banks
Period
1969: Dec
1970: Dec
1971: Dec
1972: Dec___
1973: Dec
1974:Dec*_
1973: Nov
Dec
1974: Jan
Feb
Mar
__
4pr
May
June
July
Aug_
Sept
Oct
Nov »
Dec*
__
>sits at commercial banks.
COUNCIL OF ECONOMIC ADVISERS
208.7
221.4
235.3
255. 8
271.5
283.8
269.4
271. 5
270.9
273. 1
275.2
276.6
277.6
279.7
280.2
280. 5
280.8
281.7
283. 3
283. 8
Seasonal^7 adjusted
162. 7
46. 1
172. 3
49. 1
182. 7
52.6
56. 9
198. 9
61. 6
209. 9
67.7
216. 1
208.4
61. 0
61, 6
209. 9
62.0
208.9
62. 7
210.4
63. 3
211. 9
212. 8
63. 9
64. 3
213.2
215. 0
64.6
64.8
215.4
65.4
215. 1
65.8
215.0
66.4
215. 3
216.0
67. 3
67.7
216. 1
194. 5
229. 3
271. 2
313.8
364. 5
420. 4
360.8
364. 5
371.0
375.9
378.3
386.7
392. 5
398.4
402.8
405. 3
407. 6
412. 3
414. 9
420. 4
214.7
227.6
241.9
263.0
279.1
291. 7
270. 9
279. 1
277.8
270. 2
272. 5
278. 2
272.9
277. 9
279. 7
277. 3
279.0
281.2
284.8
291.7
46.9
50. 0
53. 5
57. 9
62. 7
68. 9
61. 5
62. 7
61.6
61. 9
62. 7
63. 5
64. 1
64.8
65. 3
65.7
65.8
66. 4
67.8
68. 9
Unadjustec I
167. 7
177. 7
188.4
205. 1
216. 4
222. 8
209. 5
216. 4
216. 2
208.3
209.8
214. 7
208.7
213. 1
214.4
211. 6
213.2
214. 8
217. 1
222.8
Time
and
savings
deposits l
193.2
228. 1
269.8
311.8
362.2
417. 7
359.0
362. 2
369.4
374. 3
379. 1
387. 1
393.9
397.9
402. 0
408. 3
410.2
413. 5
413. 0
417.7
Source: Board of Governors of the Federal Reserve System;
U.S.
Government
demand
deposits l
5; 6
7.3
6. 9
7.4
6.3
4. 64. 3
6. 3
8. 1
6. 6
6. 4
6.0
7.66. 1
5.4
4.0
5. 4
3. 7
3. 3
4.5
Private nonfinancial investors increased their hoSdinss of liquid assets by $8.0 billion in December, Currency and
deposits increased by $4.2 billion.
1,300
OF DOLLARS
OF
_
1,300'
1,200
1,200
1,100
1,000
1969
SOURCES EOMQ OF
OP THE
RESERVE
COUNCIL OF ECOMOMIC
••^s
[Averages of dally figures; billions of dollars, seasonally adjusted]
Currency and
Total
liquid
assets
Period
Dec............. 704 1
1969: Dec... ........ . 737.1
Dec..
...... 786. 5
Dec
....
868. 3
1972:Dec__ .......... 979.8
.
...|1.
3
Dec ^
...... .11, 197. 2
1073' Os-;—
IXVV
_
|l, 074. 6
........
DSC. _ . . . . _ . — . _ _ 1,
i
1S74: ;f.n._— .— ..-. ..|1,
M>
. __|1,
_-,_r,r_ . _
._ _ _ _ i l ,
A^r
_.ll,
1
093. 3
102. 7
lia 2
123. 2
137. 6
cieposits
Total
30
1952.
{Demand!
|
i
564 5
583. 0
634.4
721. 0
815. 9
885. 4
945. 6
43. 4 !
46. 1
49. i
52. 6
56. 9
61. 6
67.7
140. 1
144. 7
153. 2
161. 7
175, '*•
181. 3
186, 7
870.9
878. 2
885. 4
60. 5
61. 0
61. 6
178. 7
180, 5
890. 5
897. 6
904 6
910. 1
912.
3
?-^y
_.._....|1,
jimo
.
1, 155, 0 918. 5
922.3
Iiuv _-._._.-..... 1, 163. 3
v-u
.
11,
925. 0
>T,i, 173. 4
927. 3
Or„_ 1,
8
933. 6
r
5
A cv
_ _ _ . .. 1, 189, 2
941. 4
.Ceo •-.-_... _.._._.|l, 197. 2 945. 6
•Tc;c'.—Series
Cur-
52. e
63. ^
Oo. J
t>d. c?
04. 3
;;.«_ 2
; ,4. ,^
UO. '--i
65. 8
113. 4
37. 3
67. 7
18 "i. o
"80, o
18 j. ti
132, A
IBS. 3
182. 0
184. 2
j S-a.7
j ^.4. 4
184 2
185. I
ISa 4
286. 7
Commercial
banks
U.S. Government se curities
ShortNonbank
term
Savings marketthrift
institubonds
setions
curities
Negotiable
certifiof
deposit
Commercial
paper
QOQ ^
'-wOO.. v)
264. '-r
294.8
322. 8
206. 7
215. 0
232. 3
273. 1
319. 1
347. 6
368, 4
51.4
51. 1
61. 3
53. V
57. 0
59. 9
62. 8
46. 8
04 9
53. 2
39. 5 i
39. 7
52. 0
60. 6
22,5
9. 1
23. 1
30.3
39. 9
58. 0
80. 2
1&8
28.9
24 5
23. 9
27. 4
38. 0
47,9
289. 2
291. 8
294, 8
342. 5
344 9
347. 6
59. 5
59. 7
59. 9
50, 4 i
51. 1
52. 0
58, 8
57. 2
58. 0
35. 1
36.9
sao
2S& 8
303. 5
304 1
303. 4
307. 3
GiG. 5
312. 3
350, 0
351, 9
354 8
356. 8
357. 5
359. 1
360. 5
361. 1
362, 0
363. 5
365. 6
363, 4
60, 0
60. 3
60. 5
60. 8
61. 0
61. 3
61. 5
61.7
62, 0
62. 3
62. 5 '
62. 8
52. 1
52, 1
53. 7
55. 7
56. 3
56. 8
58, 2
59. 3
60. 2
61. 4
61. 0
60, 6
60.6
62, 5
62, 4
68, 3
72. 8
75, 1.
76. 7
76. 1
76. 4
77, 3
76. 0
80. 2
39. 5
4Qj8
41. 8
42. 6
43, 0
43. 3
44 7
46, 2
47. 5
48, 3
48, 2
47. 9
174, 3
177. 3
199. 2
ol-JL. J
Sir. 3
SIC. 6
•r?>22 "^
822. S
of
of the Federal
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total loans and investments at all commercial banks fell $7.3 billion from November to December, and remained
' the level reached in August 1974. The improving liquidity position of the banking system is reflected in higher
5s reserves and less borrowing from the Federal Reserve System.
BILUONS OF DOLLARS
700
BILLIONS Of DOLLARS
700
Alt COMMERCIAL BANKS
SEASONALLY ADJUSTED/ EKD OF MONHf
600
600
500
500
TOTAL
LOANS AND INVESTMENTS
400
300
300
200
INVESTMENT IN
U.S. GOVERNMENT SECURITIES
100
100
1970
1969
1968
1972
1971
1973
SOIBJCZ! »OAS?D OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
End of period
COUNCIL OF iCOHOMSC
All commercial banks
(seasc nally adjust ed data)
]
i
1974
Loans
Investrnents
Total
loans
Total,
Comand
U.S. Gov- Other
mercial
invest- excludernment
securiing
interand
indus- securities
ments
ties
bank
trial
Bank
debits
outside
New York
City (232
centers) ,
seasonally
adjusted
annuall
rates
till member banks s
Total
reserves
Borrowat
Excess Federal
Free
reserves Reserve reserves
Banks
Billions of dollars
.
1971
1972..
__,_„__1973.._......
Dec_._. .......
Jan.. ......
Feb-...-.-.
_•
Apr
___.
May....
June v_ _ __
Julv ..
Aug*_ .
* ____
Get pp_ ...
Nov __.
Dec »
1
3
401.- 7
435. 5
484.8
556. 4
630. 3
681. 2
630. 3
638. 9
647.4
657. 5
666, 9
673. 4
7
677. 5
686. .6
692. 0
687.0
687. 1
7
688. 5
681. 2
3
4
279. 1
291.7
320. 3
377.8
447. 3
494. 1
447. 3
452. 9
458. 3
488. 2
478. 3
481. 4
484. 5
494,3
500; 2
498.2
499. 5
494 1 i
Debits during
to demand deposit
U.S. Government.
*
of
data are for
[inning
ail
srxnt majority-owned
subsidiaries;
'
only.
of June 1971, Farmers Home Administration
are classified as other securities rather than as
3
105. 7
110. 0
115. 9
129. 7
155.8
180. 5
155. 8
157.9
159.5
165. 1
169. 5
172.9
174, 6
177. 9
180.7 |
180. 8 !
182. r>
188. 0
180. 5
8
of
3
71. 1
51. 5
57. 9 4 85. 9
60, I
104. 4
61. 9
116. 7
52.8
ISO. 2
isa 3
48. 8
52.8
130. 2
54. 5
131.5
56.4
132. 7
56.4
132. 9
57. 1
133. 5
57.2
134. 8
56.4 . 136. 6
55. 8
135. 5
55.3
136. 5
~. 9* 9 i 136. 6
137. 1) j
49. 7
OO 6O \'
4-0. 3 ' 1o<i-,
48, 8 ' 138. 3 1
except interbank and
and other
date include corntotaling about $C.7
5,150
5,717
8,44$
7,530
9. 632
11, 673
W, 544
10, 737
10, 918
11,258
11, 424 i
11, 595
11, 892
11. 759
IS. 238
12, QA7
12, 078
12, 880
12, B6t
28, 031
2% 265
31, 329
g
31, 353
35; 068
36, 960
35; 088
36, 655
35, 242
345 966
35, 929
36, 519
36, 390
37, 338
37, 029
37, 076
36, 796
367 837
36, 960
257
272
165
5
219
262
339
262
236
189
176
158
194
131
177
-I f~,Q
1/0
191
91
258
339
1, 088
-829
— 49
1, 049
1, 298
s -830
-1,036
-365
-1,036
321
107
8
58
704
1, 298
1,044
1, 188
I, 352
3i 714
2', 580
'
997
— 1, 176
— 1 , 556
-2, 386
-2,869
3, 303 — 3, 131
o' o ~ - ,
o, oO-i
-3, 173
3. 285
3, 094
\ 793 - 1, 702
I 2?:£5
1,027
7 }i-'-365
s; coo
5
Beginning November 9, 1972 adjusted to include certain reserve de.'ioiencies
on v.riiich penalties eon be waived for a transition period in connection with
adaptation
to Kcguiation J.
6
.
'
7 Beginning April 1973S Includes seasonal borrowings.
Beginning June 1974, a
by $0.6 billion, and beginning
1974,
of a
total ioaiis and investments by $1,5
on
see
el
Consumer credit (seasonally unadjusted) increased $2.0 billion during December. A year earlier there was an increase
of $3,5 billion. Seasonally adjusted consumer instalment credit declined $0.8 billion in December,,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
TOTAL CONSUMER CREDIT OUTSTANDING
20
20
IS
SEASON ALLY ADJUSTED (ENLARGE!y SCALE!
ir
r-v
INS TALMENT CREDIT EX TENDED
1
1
::^==^rrC^r>^
__^=^-^
r^~- ---•'"
! ! I I 11 ! ! ! 1 1
1 ! ! ! ! 1 ! 1 M 1
1 ! 1 f I I 1 1 I ?1
1969
1970
—^^rrrrr^ri
_^^^x*1
/1l M
"
1 I 1 ! 1 ! f 1
1968
s^s~^
^— .— ""~*H"
^---^-N:
r^v:^i
^-^ *
8
1971
! ! I 1! ! ! f ! 1!
1 » I1 I1 ! 1 I 1 1
1972
1973
! 1 1 1 ! ! I ! ! f !K
1974
[Millions of dollars]
Consu mer credit outstandin g (end of p eriod;
Consum er instalme nt credit e xtended
imadjusted"
and r epaid (seasonally adjiisted)
Instalment
Total
Automofc ile paper
NonAutomoTotal
Total *
bile
Personal instal-2 Extended Repaid Extended Repaid
inent
paper
loans
96, 239
100, 783
110, 770
121, 146
127, 163
138, 394
157, 564
180, 486
190, 121
76, 245
79, 428
87, 745
97, 105
102, 064
111, 295
127, 332
147, 437
156, 124
30, 010
29, 796
32, 948
35, 527
35, 184
38, 664
44, 129
51, 130
51, 689
21, 662
23, 235
25, 932
28, 652
30, 345
32, 865
36, 922
41, 425
44, 264
19, 994
21, 355
23, 025
24, 041
25, 099
27, 099
30, 232
33, 049
33, 997
82, 832
87, 171
99, 984
109, 146
112, 158
124, 281
142, 951
165, 083
166, 478
77, 480
83, 988
91, 667
99, 786
107, 199
115, 050
126, 914
144, 978
157, 791
27, 192
26, 320
31, 083
32, 553
29, 794
34, 873
40t 194
46, 453
42, 756
25, 619
26, 534
27, 931
29, 974
30, 137
31, 393
34, 729
39, 452
42, 197
1973: Nov
Dec1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
176, 969
180, 486
178, 686
177, 522
177, 572
179, 495
181, 680
183, 425
184, 805
187, 369
187, 906
188, 023
188, 084
190, 121
145, 400
147, 437
146, 575
145, 927
145, 768
147, 047
148, 852
150, 615
152, 142
154, 472
155, 139
155, 328
155, 166
156, 124
51, 371
51, 130
50, 617
50, 386
50, 310
50, 606
51, 076
51, 641
52, 082
52, 772
52, 848
52, 736
52, 325
51, 689
41, 116
41, 425
41, 352
41, 417
41, 492
41, 851
42, 402
42, 945
43, 400
44, 164
44, 375
44, 319
44, 180
44, 264
31, 569
33, 049
32, 111
31, 595
31, 804
32, 448
32, 828
32, 810
32, 663
32, 897
32, 767
32, 695
32, 918
33, 997
14, 275
12, 677
13, 714
13, 541
13, 823
14, 179
14, 669
14, 387
14, 635
14, 394
14, 089
13, 626
12, 609
12, 702
12, 549
12, 267
12, 797
12, 870
13, 206
13, 026
13, 407
13, 301
13, 310
12, 882
13, 412
13, 224
13, 009
13, 516
3,819
3,315
3,492
3,389
3,484
3,545
3,769
3,731
3,812
3,887
3,835
3,369
3, 062
3,205
3,471
3,338
3,433
3,394
3,544
3,498
3,601
3,577
3,563
3,443
3,604
3,470
3,423
3,668
Also includes other consumer goods paper, and home improvement loans,
not2 shown separately.
Consists of single-payment loans, charge accounts, and service credit.
32
6
M
COUNCIL OF ECONOMIC ADVISERS
1966
1967
1968
1969
1970
1971
1972
1973
1974
1
ff
10
INSTALMENT CREDIT REPAID
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
^—^
3
End of period, unadjusted.
Source: Board of Governors of the Federal Reserve System.
Mortgage
debt outstanding,
nonfarm,
1- to 4houses 3
223, 645
236, 060
251, 241
266, 823
280, 175
307, 200
345, 384
386, 241
»414, 244
386, 241
391, 770
402, 165
409, 924
»414, 244
BOND YIELDS AND INTEREST RATES
In January ^ most interest rates continued to decline from highs reached in August and September.
PER ANNUM
PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
1975
1969
SOURCE; SEE TABLE BELOW
[Percent per annum]
High-grade
U.S. Gov eminent secu rity yields
municipal
3-month
bonds
3-5
year
Taxable
2
s
Treasury
(Standard &
1
issues
bonds
bills
Poor's) *
6. 677
5. 81
6. 85
6. 10
6. 458
6. 51
7.37
6. 59
4. 348
5. 70
5. 74
5.77
4. 071
5.27
5.85
5. 63
7. 041
6. 92
5. 18
6. 30
7. 886
6. 09
6.99
7. 81
Period
1969
1970
1971
1972
1973
1974
1974: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee__
1975: Jan
Week ended:
1974: Dec 27
1975: Jan 3
10
17
24
31
Feb 7
1
8
COUNCIL Of ECONOMIC ADVISERS
_
Aaa
Baa
7. 03
8. 04
7.39
7.21
7.44
8. 57
7. 81
9. 11
8.56
8.16
8. 24
9. 50
Prime
FHA
commercial new
home
paper,
mortgage
4-6
yields 5
months
7. 83
8. 19
7. 72
9. 05
5. 11
7. 78
4. 69
7.53
8. 15
8.08
9.87
9.47
7. 755
7.060
7. 986
8. 229
8. 430
8. 145
7. 752
8. 744
8. 363
7. 244
7. 585
7. 179
6. 493
6.94
6. 77
7.33
7. 99
8.24
8. 14
8. 39
8. 64
8. 38
7.98
7. 65
7. 22
7.29
6.56
6. 54
6.81
7. 04
7.07
7. 03
7. 18
7. 33
7. 30
7. 22
6.93
6. 78
6. 68
5.20
5. 19
5. 36
5. 67
5.96
6.08
6. 54
6. 58
6.65
6.46
6.47
6. 93
6. 66
7. 83
7. 85
8.01
8. 25
8. 37
8. 47
8. 72
9. 00
9. 24
9. 27
8.90
8.89
8.83
8. 58
8. 59
8. 65
8.88
9.10
9. 34
9. 55
9.77
10. 12
10. 41
10. 50
10. 55
10.62
8.66
7.83
8.42
9. 79
10.62
10. 96
11. 72
11. 65
11.23
9.36
8. 81
8. 98
7. 30
6. 963
7. 113
6.698
6. 678
6. 369
5. 606
5. 669
7. 17
7. 26
7.23
7. 32
7. 36
7.23
6. 77
6. 77
6. 68
6. 66
6.69
6.67
6. 93
6. 95
6. 88
6. 79
6.49
6.46
8.90
8. 93
8. 91
8. 84
8. 78
8. 74
10. 61
10. 62
10. 63
10. 63
10. 62
10. 59
9. 06
8. 84
7.83
7.53
6. 85
6. 48
2
Rate on new issues within period.
Selected note and bond issues.
April 1953 to date, bonds due or callable 10 years and after.
* Weekly data are Wednesday figures.
Data for first of the month, based on the maximum permissible interest rate
percent beginning November 25,1974) and 30-year mortgages paid in 15 years.
Corpora :e bonds
(Moc dy's)
8.78
8. 54
8.66
9.17
9.46
9. 46
9.85
10. 30
10. 38
10. 13
9.51
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 rose sharply in late January.
INDEX, 1941-43=10
INDBC 194143;
120
110
110
COMPOSITE PRICE INDEX FOR
500 COMMON STOCKS
100
100
90
90
A
80
80
L
70
60
!_!..! 11 I ? ! t i f
50
I IJ i l l f I 1 I t
?t ?V I I ! I
t i t ! ?1 i i t i i
i if i i f f
PERCENT
50
PERCENT
MONTHLY
WEEKLY
r*s
\
i
^~—'
\\
1 t 1 I ! 1 f 1 t !
„„! 1 1 ! 1 1 I i 1 1 1 i ! ! 1 M 1 1 1 I 1 \\~U I I I TTTTTT-TTTTfTf M M If
??? ? ! f M H
f M 1 ! J f ! 1 UN
RA TO
RA110
Oft
—^.
—7—
"\
P RiCE/EARNJNGS RATIO ON COMMON STO
CKS
^"""NX**^^
tc
^^^^^^
T """""**"'"*«-ix-
If!
si
!
'
!
f
1969
!
I
F
1970
?
f
!
1971
1
1
1
t
?
f
1973
1972
10
!
?
1974
SOURCE, STANDARD & POOR'S CORPORATION
Julv
.
Aug _ _ -.
Sept
Oct.. '......_.
...
Nov
Dec
......
1974: Dec 20... ..
27
.
Jan 3...
10_.
17_
24
31 _ _
1
500
all
s
....
....
107. 49
107. 13
91. 29
108. 35
121. 79
120. 44
92. 91
107. 18
104. 13
108. 98
103. 66
101. 17
101. 62
93. 54
85. 51
76. 54
77. 57
80. 17
74.80
80. 50
OS j6«7
OQ
J7O.
109. 20
107. 43
82. 85
96. 11
93. 45
97. 44
92. 46
89.67
89. 79
82, 82
76. 03
68. 12
69. 44
71. 74
67. 07 •
72. 56
75. 07
74. 58
77. 05
78. 98
79. 58
79. 43
84. 84
30
86
17
18
83
71
37
stocks: 425 industrials, 65 public utilities,
for
are
of
on
of the
34
Total
98.70
97. 84
83. 22
67,
66.
69.
71.
71.
71.
76.
ii
1
Total
1968.......
..
1969....
.
1970......
....
1971
.............
1972..
...............
1973...
.......
1974___
..
..
Jan
..
.
Feb
Mar
.........
Apr
— —
May.......... .......
June_____
___.
?
[
!
Is
*
1975
COUNCIL OF ECONOMIC ADVISERS
Price J ndex l
Industrials
Period
!
are
Capital Consumers
goods
goods
1941--13 = 10
105. 77
86.33
103. 75
87. 06
80. 22
87. 87
102. 80
99.78
119. 39
113. 91
118. 57
107. 13
92. 84
78. 08
108. 06
87. 63
104. 31
86.85
92. 24
109. 22
104. 19
87. 73
87. 34
100. 69
100. 10
90.07
93. 84
80. 34
86. 99
70. 14
76. 03
63. 51
77. 49
62.79
79. 35
65. 84
62. 51
77, 10
67. 91
74. 12
72. 77
74. 50
74. 07
76. 05
75. 75
82. 52
62. 91
61. 72
63. 33
(55. 18
67. 20
66. 47
72. 78
66.42
62. 64
54. 48
59. 33
56.90
53.47
38. 91
48.60
48. 13
47. 90
44,03
39. 35
37.46
35. 37
34 00
30. 93
33. 80
34.45
32.85
38. 19
48.84
45. 95
32. 13
41. 94
44 11
38.01
37. 53
44. 37
41. 85
42. 80
40. 26
37. 04
37. 31
35. 63
35. 06
31. 55
33.70
35. 95
34.81
37. 31
3. 24
16.48
3.83
15.69
3. 14
18.50
2.. 84
18.20
3. 06
14. 22
4. 47
3. 64
3. 81
3. 65
11. 18
3. 86
4. 00
4. 02
»9.71
4. 42
4. 90 .....
5. 45
^6« 84
5. 38
5. 13
'
5.43
5.07
32. 82
32.46
34. 42
37. SC
38. 31
34. 96
35, 18
35. 79
30. 75
37, 3 f
o7. 25
5. 41
5, 50
5. 37
-"-. 25
5. 10
3R '61
39. 74
20 rail-
Source:
Price/
earnings
3
Railroads
by
In the group.
Dividend
yield 2
(percent)
Public
utilities
& Poor's
o'"> 2n
17.66
3.07
•5, 1 44. 70
._ __
„_„
FEDERAL FINANCE
EDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
e estimated budget deficits for fiscal years 1975 and 1976 are $34.7 billion and $51.9 billion, respectively.
BILLIONS OF DOLLARS
! 350
BILLIONS OF DOLLARS
350
RECEIPTS AND OUTLAYS
300
300
250
250
RECEIPTS
200
150
_L
100
(ENLARGED SCALE)
(ENLARGED SCALE)
0
\| 100
__ SURPLUS W OR
(-L
0
-25
-25 h
-50
t
JL
1965
1967
1966
J-50
J_
1968
1972
1969 1970 1971
1973
1974
1975
1976
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF TH£ TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Federal
Period
Outlays
Receipts
Surplus or
(— )
Fiscal vear:
............. ...............
112.7
118. 6
— 5. 9
1965.— . — — — — —
. . _ _ _ _ _ _ _ _ _ _ ..-_.
„ ....... .............
— — . — .—
. ..
116. 8
130. 9
149.6
153. 7
187. 8
113. 4
134. 7
158. 3
178. 8
184 5
_ _ _ _ _ _
193. 7
138,4
208. 8
282. 2
264 9
278.8
297. 5
124. 3
139. 8
„_
1974
2
. . _______
_ .....
_ _____
» ... — ——.
. .........
Cumulative
for
6
Fiscal
1974__ ... ._ .........
year
.. . — .—
( end of period)
Held by
the public
i
316. 8
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
2G& 4
313. 4
349. 4
2. 8
— 23. 6
— 23. 2
-14. 3
-34.7
-51.9
382. 6
409. 5
437. 3
468. 4
486, 2
538. 5
605. 9
284 9
304 3
323. 8
343. 0
346. 1
389. 6
453. 1
130. 4
153. 4
— 6. 1
-13.6
480.7
504 0
349. 1
360, 8
—a 5
1
i
1
Estimates from the Budget
by
of the
and Office of
Budget.
35
BY
BY
Fiscal 1975 budget receipts are estimated at $278,8 billion and budget outlays at $313.4 billion. The correspond!
figures for fiscal 1976 are $297.5 billion and $349.4 billlon/ respectively.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
50
OUTLAYS
250
250
200
200
150
150
NONDEFENSE
100
100
50
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
FISCAL YEARS
SOURCESj DEPARTMENT Of THE TREASURY AND OFRCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
.
;—
Outla3rs
Receipts
Nations 1 defense
Period
Total
Fiscal yean
1964
„„
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974_
„__
— ..____
„
1975 i
1976 1 _.
Cumulative totals for
first 6 months:
Fiscal year 1974
Fiscal year 1975
Individual Corporation
income
income Other
taxes
taxes i
Total
Health
Depart- Internaand
Intional
ment of affairs
income terest Other
Defense,
security
military
112.7
48. 7
23.5
40. 5
118.6
52.7
49. 6
3. 7
26. 9
9.8
25.4
nas
130. 9
149. 6
153. 7
187. 8
48.8
55.4
61. 5
68.7
87.2
25.5
30. 1
34. 0
28.7
36. 7
42. 6
45. 3
54. 1
56.3
63.9
118.4
134. 7
158. 3
178. 8
184. 5
48. 6
55. 9
69. 1
79.4
80. 2
46. 0
54. 2
67. 5
77.4
77.9
4. 1
4.6
4.7
4,6
3.8
27. 5
31. 5
37. 6
43. 4
49. 0
10.4
11.3
12. 5
13. 8
15. 8
27. 8
31.4
34. 3
37.7
35.7
193.7
188.4
208.6
232. 2
264. 9
90.4
86. 2
94. 7
103. 2
119. 0
32. 8
26. 8
32. 2
36. 2
38.6
70. 5
74. 5
81. 7
92.8
107. 4
196. 6
211.4
231. 9
246. 5
268.4
79. 3
76. 8
77.4
75. 1
78. 6
77.2
74.5
75.2
73. 3
77, 6
3. 6
3. 1
3. 7
3. 0
3. 6
56. 1
70. 1
81. 4
91. 8
106. 5
18. 3
19. 6
20. 6
22. 8
28. 1
39. 3
41. 8
48. 8
53. 9
51. 7
278.8
297. 5
117. 7
106. 3
38.5
47.7
122. 6
143. 5
313.4
349.4
85. 3
94. 0
83. 0
89. 8
4.9
6.3
133. 2
146. 8
31. 3
34. 4
58. 8
67.9
124.3
139.8
58,2
67.5
15.1
16.2
51.0
56.1
130.4
153.4
37,3
42.6
37. 0
42, 0
1. 6
L8
49. 0
62.2
13.5
15.3
29. 0
31, 5
2 Estimates from the Budget of the United States G<mrnmentt Fiscal year 1978.
36
Total
Sources: Department of the Treasury and Office of Management an
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In tj^third quarter^ Federal receipts rose $14.2 billion (annual rate) and expenditures $13.1 billion, yielding a
defi^^pf $1.9 billion. Preliminary data for the fourth quarter indicate a rise of $12.6 billion in expenditures/ receipts
datcWe incomplete,,
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
160
140
140
*20
K20
SURPLUS
• 1 M m
I
i *"
~
-20
^
DEFICIT
!
!
1968
-40
i
1
i
t
1969
!
!
1970
I
^ \V/A
i i1
1
J-
I
!
971
CALENC )AR YEAf *S
I
1£22 |
^ 1
jH_
|
]
1
^
-20
!
I
1973
1972
SOURCE: DEPARTMENT OF COMMERCE
!
t
!
1974
I
-40
COUNCIL OF ECONOMIC ADVSSRS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Feeieral Go1/ernmenlb expend itures
Federal (Jovernm ent receipts
Period
Surplus
or
GrantsSubsidies Less: deficit
ContriCorpoIndirect
Purin-aid
less
Wage
•P
i
JL ersonai rate business butions
. ' ^J
chases Trans- to State Net
current accruals income
and profits tax and
for
Total tax
of
goods
Total
fer
payand
interest
surplus
of
less
nontax
and
nontax social intax
and
ments local
paid Govern- dis- product
receipts accruals
accruals surance
services
government en- burse- accounts
ments
terprises ments
Fiscal vear:
1972*1 ... 213. 2
1973
240. 4
1974
273. 6
1
1975 1 .— 287. 6
1976 _ _ _ 305. 1
Calendar
year:
1970
192. 0
1971
198.5
1972
227. 2
1973
.... 258. 5
1974 *>___ 291. 1
8
1
1
1
34. 1
41. 2
45. 6
41. 0
39. 9
20. 0
20. 7
21. 6
33. 1
54. 7
58. 5
71.7
83. 3
91. 4
99.4
232. 9
255. 4
278. 3
323.7
361. 0
103.2
105. 3
110. 3
121. 1
136. 1
78.6
89.4
104. 2
131. 7
147. 0
32.6
40. 2
41. 5
47. 0
50.8
13.4
14. 5
17.4
19. 8
23. 0
92. 2
89. 9
108. 2
114. 1
131. 2
31. 0
33. 4
36. 6
43.7
49. 1
19.3
20.4
20. 0
21.2
22. 0
49. 5
54. 6
62. 5
79. 5
88.7
203. 9
220. 3
244. 7
264.2
298. 6
96. 2
97.6
104. 9
106. 6
116. 4
63.2
74. 9
82. 8
95. 5
117.0
24.4
29. 0
37. 4
40. 5
43.7
14.6
13. 6
13, 5
16.3
18.8
2. 1
1973: III.. 261. 8
IV... 268.3
116.7
121. 6
43.8
43. 5
21.0
21.3
80, 2 263.4
81. 8 270. 6
105.3
108, 4
96. 5
98. 8
39. 8
41. 0
16. 8
17.6
5.0
4-8
" .0
278. 1
288.6
III.. 302.8
IV »„
124.1
129. 4
134. 8
136.6
45.9
49. 2
55.4
21.5
21. 9
22. 5
22.2
86.7
88. 1
90. 0
90.0
111.5
114.3
117.2
122.8
106. 5
113. 6
120.8
127. 1
42. 9
43.2
43.4
45. 5
17. 9
18.7
19.1
19.7
2.2
1.3
2.7
2.3
— .6
— 1.5
1974:1
II
ioa 7
106.
123.
122.
111.
281. 0
291.6
'304. 7
317.3
5. 3
6. 7
4. 7
-.2
4. 1
.0
3.7
5. 5
5.2
6.6
5.3
0.0
;5
-. 4
.0
-19. 7
-15. 0
-4. 7
-36. 1
— 55. 9
.0
' .5
.0
-.5
-11.9
—21. 9
— 17. 5
-5.6
-7.6
,0
-1. 7
.0
-2.8
— 3.0
— 1.9
.0
Source: Department of Commerce.
37
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