Full text of Economic Indicators : July 1965
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St Louis Public Library
$t f.;; REFERENCE DEPT.
89th Congress, 1st Session
]J{
Economic Indicators
July 1965
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1965
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Texas, Chairman
PAUL H. DOUGLAS, Illinois, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
ROBERT F. ELLSWORTH (Kansas)
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
WILLIAM PROXMIRE (Wisconsin)
HERMAN E. TALMADGE (Georgia)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
JAMES W. KNOWLES, Executive Director
JOHN R. STARK, Deputy Director
MARIAN T. TRACY, Financial Clerk
HAMILTON D. GEWEHR, Administrative Clerk
COUNCIL OF ECONOMIC ADVISERS
GARDNER ACKLEY, Chairman
OTTO ECKSTEIN
ARTHUR M. OKUN
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
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TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
According to preliminary estimates, gross national product rose $9 billion (seasonally adjusted annual rate) to $658
billion in the second quarter. Consumer spending accounted for more than half of the rise.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Personal
Disposable consumption
personal1 expendiincome
tures
Period
274. 4
292. 9
308. 8
317. 9
337. 1
349.9
364. 7
384. 6
402. 5
431. 8
419.5
430.2
435. 6
442. 1
448. 3
455. 3
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: I
II
III
IV
1965: I 5
II
256. 9
269. 9
285. 2
293. 2
313. 5
328. 2
337.3
356. 8
375. 0
399. 3
390. 0
396. 1
404. 6
406. 5
418. 1
423. 0
In bernation al
Business
Persons
Personal
Gross
Excess
saving
Gross
private
of
( + ) or retained domestic investearn-2
disinvest-3
ment
saving
ings
ment
(-)
(-)
17. 5
23. 0
23. 6
24.7
23. 6
21. 7
27. 3
27. 8
27. 5
32. 5
29. 5
34. 0
31. 0
35. 5
30. 2
32. 3
42. 1
43. 0
45. 6
44. 8
51. 3
50. 7
51.2
57. 5
59. 1
65. 0
64. 1
65. 2
65. 9
65. 3
69. 6
63. 8
67. 4
66. 1
56. 6
72.7
71.8
68. 8
79. 1
82.0
87. 7
85.9
87. 2
87. 3
90.4
94 7
94. 3
— 21. 8
— 24. 3
-20. 5
-11. 9
-21. 4
-21. 1
-17.6
-21. 7
-22. 9
-22. 6
-21. 8
22. 0
21.4
-25. 1
25. 1
Foreign
Net e?cports of goods Excess of
arid service3S
net
transfers
trans(+) or
of net
fers by
ImExGovern- Net
exports
ports
ment exports ports
(-.) * .
1. 5
1. 5
1. 5
1. 3
1. 5
1. 6
1. 6
1. 6
1.6
1. 8
1. 5
1.6
1. 7
2. 2
1.8
1.9
1. 1
2. 9
4. 9
1.2
-. 8
3. 0
4. 6
4. 0
4. 4
7.0
7.7
5.7
7. 0
7.7
5.0
7. 1
19. 4
23. 1
26. 2
22. 7
22. 9
26.3
27. 6
29. 2
30.7
35. 2
34. 5
33. 7
35. 7
37. 1
33. 7
39. 2
18. 3
20. 2
21. 3
21. 5
23.6
23. 3
23. 0
25. 2
26.3
28. 2
26.8
27.9
28.7
29.4
28. 7
32. 2
-
0.4
-1.5
-.3. 5
.1
2.3
— 1.4
-3.0
-2.4
-.2. 8
-5. "5
-6. 2
-4. 1
-5. 2
-O. t}
— 3. 2
-5. 2
G overnmerit
Gross
Surplus Total
nationaf
/( +
i \) ^».
or income Statistical
product
deficit
or
discrepor
Tax and TransPurTrans- (-) on receipts
ancy
expendinontax
fers,
chases
Total
fers,
income
"NTckf
ture
interest, of goods expendi- interest,
and
receipts receipts
and subor
and
tures and subproduct
6
accruals sidies
services
sidies 6 account
>Jet receiptjS
Period
1955
1956
1957
1958
1950
1960
1961
1962
1963
1964
1964: I
IT
III
IV
1965: I 5
II
_
_
1
_ _ _ _ ___
78. 4
84. 2
87. 5
82. 0
95. 7
103. 5
103. 8
114. 4
123. 4
125. 7
125 2
124. 1
126. 6
127. 7
133. 4
101. 4
109. 5
116. 3
115. 1
130. 2
140. 0
145. 6
157. 8
1 OS. 9
1 73. 3
172. 7
171. 1
173. 9
176. 1
182. 3
Expenditur es
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41. 8
43. 4
45. 4
47. 6
47. 5
47. 0
47. 3
48. 4
48. 9
48. 9
75. 6
79. 0
86. 5
93. 5
97. 2
99. 6
108. 0
116. 3
122. 6
128. 6
125. 2
129. 6
129. 5
130. 0
131. 0
133. 6
Personal income (p. 5) less personal taxes ant! nontax payments (fines, penalties,
2 etc.).
Undistributed corporate profits, 1 corporate inventory valuation adjustment,
adju
- - - - —'
cruals over disburs
disbursements.
capital consumption allowances, and excess
of wage accruals
are inDoes not include retained earnings of unincorporated business which ^
„,
eluded
in disposable personal income.
3
Private business investment,, purchases of capital goods by private nonprofit
institution.?,
and residential housing.
4
Net foreign investment with sign changed.
5
8
98. 6
104. 3
115. 3
126. 6
131. G
136. 7
149. 8
159. S
168. 0
176. 2
172. 7
176. 6
176. 9
178. 4
179. 9
182. 5
23. 0
25. 3
28. 7
33. 1
34. 4
37. 1
41.8
43. 4
45. 4
47. 6
47. 5
47. 0
47. 3
48.4
48. 9
48. 9
2. 9
5. 2
1. 0
-11. 4
-1. 5
3.9
-4. 2
— 1. 9
.9
-2. 7
(7)
-5. 5
-3. 0
-2.3
2. 4
396.
421.
443.
446.
485.
505.
521.
558.
586.
624.
610.
621.
629.
637.
653.
5
6
4
0
7
6
2
0
7
4
4
0
8
3
1
1. 0
-2. 4
-. 6
-1. 5
-3. 0
-3. 0
-2.6
-1. 8
-2. 7
-2.0
— 1 . (')
397. 5
419. 2
442. 8
444. 5
482. 7
502. 6
51 S. 7
r>r,<>. 2
r>x:t 9
(522. G
<>OS S
9 .J
( i i X . |J
— 1. -1
G2S. 1
CM. ("«
(i-IS. X
- 2. (>
-• I. 2
Preliminary estimates.
Government transfer payments to persons, foreign net I r a n s f n
ment, net interest paid by government, and subsidies less rum
government
enterprises.
7
Less than $50 million.
NOTE.—Data for Alaska and Hawaii included bcginnm:- \W>0.
Source: Department of Commerce.
<;r>x. o
GROSS NATIONAL PRODUCT OR EXPENDITURE
In the second quarter, gross national product rose 11/2 percent on a seasonally adjusted basis/ after adjustment for
price changes, it rose about 1 percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
600
600
GROSS NATIONAL PRODUCT
500
500
PERSONAL CONSUMPTION
EXPENDITURES
400
400
\
300
300
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
100
"
GROSS PRIVATE DOMESTIC
INVESTMENT
NET EXPORTS OF GOODS
AND SERVICES
1959
1961
1960
1962
1964
1963
1965
J/ PRELIMINARY ESTIMATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: I
II
III
IV
1965: I 4
II
Gove rnment p urchases of good s and
Total
Personal
Not
services
Total
congross
exports
private
Federal
national gross
sump- domestic of goods
State
tion
product national
and
Total Total i National2 Other and
in 1964 product expend- investment services
local
defense
prices
itures
Billions of dollars3, quarter^ y data at seasonal ly adjust,ed annua . rates
448.9
439. 8
478.4
483. 5
493. 0
486. 0
518. 1
531. 2
541. 6
575. 7
595.3
622.6
612. 9
620. 2
626. 6
630.6
641-5
647. 5
365. 4
363. 1
397. 5
419.2
442.8
444. 5
482. 7
502. 6
518. 7
556. 2
583. 9
622.6
608.8
618.6
628.4
634.6
648. 8
658. 0
232. 6
238. 0
256. 9
269.9
285. 2
293. 2
313. 5
328. 2
337. 3
356. 8
375.0
399.3
390. 0
396. 1
404. 6
406.5
418. 1
423.0
50.3
48.9
63. 8
67. 4
66. 1
56. 6
72. 7
71. 8
68. 8
79. 1
82. 0
87.7
85. 9
87. 2
87.3
90.4
94. 7
94. 3
1
Less Government sales.
3
Prior to 1959, this category corresponds closely with budget expenditures for
national defense, shown on p. 35. Beginning with 1959, they differ because of
inclusion of space program expenditures in this table; these expenditures, small
in 1959-61, amounted to $4.3 billion in 1964.
-0.4
1. 0
1. 1
2.9
4. 9
1. 2
-. 8
3. 0
4. 6
4.0
4. 4
7.0
7.7
5. 7
7.0
7.7
5. 0
7. 1
82. 8
75. 3
75.6
79.0
86.5
93. 5
97. 2
99. 6
108. 0
116. 3
122. 6
128.6
125.2
129. 6
129. 5
130.0
131. 0
133. 6
58. 0
47. 5
45.3
45. 7
49. 7
52. 6
53. 6
53. 1
57. 4
62. 9
64. 7
65.5
64. 3
67. 1
65. 5
65.3
65. 1
66.7
49.3
41. 2
39. 1
40. 4
44. 4
44. 8
46. 2
45. 7
49. 0
53. 6
55. 2
55.4
54. 0
57. 0
55. 2
55.3
54.4
55. 4
9. 0
6.7
6.6
5. 7
5. 7
8.3
7.9
8. 0
8. 9
10. 2
10. 3
11.2
11. 5
11.0
11. 2
11.3
11. 9
12. 4
24. 9
27.7
30.3
33. 2
36. 8
40. 8
43. 6
46. 5
50.6
53. 5
57.9
63.0
60.9
62. 5
64. 1
64.6
65.9
66. 9
Implicit
price
deflator
for total
GNP;
1964=100 3
81. 4
82. 6
84.0
86. 7
89.8
91. 5
93.2
94. 6
95. 8
96. 6
98. 1
100.0
99.3
99. 7
100. 3
100.6
101. 1
101. 6
3
Gross national product in current prices divided by gross national product
in 1964 prices.
* Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
NATIONAL INCOME
Farm proprietors' income rose strongly by more than $2 billion to $14.5 billion (seasonally adjusted annual rate) in
the second quarter. Employee compensation increased $5% billion, while other types of income showed moderate
or no change from the first quarter.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
500
400
300
100
1959
1965
JL/ PRELIMINARY ESTIMATES
•See Note, page 7.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Total
national
income
Period
1953
1954_._
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
Compensation
of em- 1
ployees
Proprietoi*s' income
Farm
Business
and professional
Rental
income
of
per-
Net
interest
Corpora ie profits and in yentory val uation ad justment2
Total
Profits Inventory
before valuation
taxes 2 adjustment
305. 6
301.8
330.2
350.8
366. 9
367.4
400. 5
414. 5
426.9
455. 6
478.5
510. 1
208.8
207.6
223.9
242.5
255. 5
257. 1
278. 5
293. 6
302.2
323. 1
340. 3
361.7
13. 3
12.7
11.8
11. 6
11.8
13.5
11. 4
12. 0
12.9
13.2
13. 0
12.7
27.4
27.8
30. 4
32. 1
32.7
32. 5
35. 1
34. 2
35.3
36.6
37.6
39. 3
10. 5
10. 9
10. 7
10. 9
11. 9
12. 2
11. 9
12. 1
12.2
12.2
12.3
12.4
8.2
9. 1
10.4
11.7
13. 4
14.8
16. 4
18. 1
20. 1
22. 1
24.4
26. 8
37. 3
33. 7
43. 1
42. 0
41. 7
37. 2
47.2
44. 5
44. 1
48. 4
50.8
57.4
38. 3
34. 1
44.9
44.7
43.2
37. 4
47. 7
44. 3
44.2
48.2
51.3
57. 6
-1.0
-.3
-1.7
-2.7
-1.5
-.3
—.5
m 2
—. 1
.3
—.4
-.2
1964: I
II
III
IV
498.4
507. 1
514 5
520. 6
352.5
358.6
364. 8
370. 6
12. 6
12. 6
12.6
12. 9
38.6
39. 1
39. 6
39.9
12.4
12.4
12.4
12. 5
25.9
26. 5
27. 1
27.6
56.4
57. 9
58. 1
57.0
56.6
57.9
58.0
57.7
-.2
__ i
.1
-.7
1965: I 3
II
534 5
378.3
383.7
12. 2
14.5
40. 4
40.7
12. 5
12. 5
28. 2
28.8
62. 9
643
-1.4
-1.5
1
.
Includes employer contributions for social insurance. (See also p. 4.)
a See Note, page 7.
3 Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
SOURCES OF PERSONAL INCOME
Personal income increased by $4 billion in May to a seasonally adjusted annual rate of $524 billion. A $2 billion
gain in wages and salaries accounted for one-half of the rise. Other types of income with significant gains were farm
proprietors, up over $1 billion, and dividends, up $Vi billion.
BILLIC N5 OF DOLLARS
550
BILLIONS OF DOl LARS
550
SEAS DNALLY ADJUSTED ANNUA I RATES
^
_^x
500
TO'FAL PERSONAL INCOME
\
\
450
^-^
—^
500
^^\
-^^
^
ACf\
^^ ^
400
^—'
400
•i en
.«*""
WAGE AND SAL ^RY DISBURSEMENTS
•*^ ^**
\
300
--*"*
350
— -^
300
•*•***"*
-0--
1
++*
250
BUSIN ESS, PROFESSIONAL,
AN!) RENTAL INCOME
50
\
wm^\
N.
n
Q
1_LJ_I
1959
I
1 I
1960
1 !
1 1
I
. I I ! I 1
1961
,
. ! 1 1
1962
SOURCE: DEPARTMENT OF CCDMMERCE
Total
personal
income
Period
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Apr
May
June
July____
Aug
Sept
Oct
Nov__
Dec
332. 9
351. 4
360. 3
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4
486. 6
487. 8
489. 3
491. 4
494. 9
497. 9
498. 7
502. 3
505. 9
510. 2
511. 0
513. 8
515. 8
520. 0
523. 9
1
1 1
I 1
t
1 1 1
1963
!
i i i i i Ii ti ii
1
1965
1964
u i n r exclusive of net income of unincorporated farm enterprises,
Q
COUN CIL OF ECONOMIC ADVISER'
[Billions of dollars, monthly data at seasonally adjusted annual rates]
Wage
Rental
Transfer
Other Propriet( >rs' income income
and
Divi- Personal
interest
paysalary
labor 2
Business
dends
of
Farm
ments
income
and
proincome
disbursefessional persons
ments 1
18. S
11. 6
12. 1
32. 1
17. 5
8. 1
10. 9
227. 6
12. 6
19. 6
32. 7
11. 9
9. 1
11. 8
21. 9
238. 5
13. 5
12. 4
21. 0
26.3
32. 5
12. 2
9. 4
239. 8
10. 4
23. 5
11. 4
11. 9
27. 5
35. 1
13. 7
258. 5
12.
0
34. 2
12. 1
14. 5
25. 8
29. 5
271. 3
11. 0
12. 9
12. 2
11. 6
27. 5
33. 6
15. 2
35.3
278.8
12. 3
34. 7
13. 2
12. 2
30. 0
36. 6
16. 5
297. 1
32. 9
312. 1
13. 0
36. 7
13. 1
12.3
37. 6
18. 0
12. 7
14. 1
12. 4
36. 0
38. 2
19. 8
331. 6
39. 3
12. 5
12.4
13.9
38.2
327. 7
39. 0
19. 8
35. 5
12. 6
12. 4
14. 0
19. 8
39. 1
35. 7
38. 0
328. 7
12. 6
12. 4
14. 1
37. 6
19. 9
39. 3
35. 9
330. 1
12. 4
12. 4
14. 2
20. 0
36. 0
37. 8
39. 5
331. 8
12. 6
14. 2
12. 4
20. 0
38.0
36. 2
334.6
39. 6
12. 7
12. 4
14.3
36. 5
39. 7
19. 9
38.0
337. 2
12.
7
19.
9
14. 4
12. 5
38. 3
39. 8
36. 7
337. 3
12. 9
12. 5
19. 9
14. 5
39. 9
36. 9
38.4
340. 4
38. 5
342. 6
14. 5
12. 5
37. 2
13. 1
40. 1
20. 6
12. 7
*40. 8
20. 4
37. 4
344. 7
14. 6
12. 5
40. 3
14. 7
12.2
12. 5
37. 6
38. 9
40. 4
20. 6
347. 3
39.2
11. 9
12. 5
14. 7
20. 7
37. 8
40. 5
349. 6
12. 9
39. 5
14. 8
12. 5
20. 8
38. 0
349. 9
40. 6
39.2
38. 2
14.7
40.7
12.5
20.8
352.3
14.8
21. 3
38.4
39. 2
14. 9
15. 9
12. 6
40. 7
354. 2
HM;,",: ,!;m
I*VI>
M:ir . . .
Apr.....
MMV
.
J u n e "V _
n of employees (see p. 3) excluding employer contributions for
mid l lie excess of wage accrual? over disbursements.
< i i i i r i h u l , I o n s J.o private pension, health, and welfare funds; comnjurles; directors' fees; military reserve pay; and a few other
50
^FARM PROPRIE1FORS' INCOME
TRANSFER PAYMENTS
, . , i i i • r/i i
250
!>
DIVIDENDS AND
PERSONAL 11MEREST
Less: Personal contributions
for social
insurance
5. 8
6. 7
6.9
7. 9
9. 2
9. 6
10. 3
11. 8
12. 7
12. 5
12. 5
12. 6
12. 7
12. 8
12. 9
12. 9
13.0
13. 1
13. 2
13. 2
13. 2
13. 3
13. 3
13. 4
Nonagricultural
personal3
income
317. 9
336. 1
343. 0
368. 6
385. 1
400. 4
424. 9
446. 6
474. 2
469. 7
470. 7
472. 1
474. 4
477. 8
480. 6
481. 4
485. 0
488.6
493. 2
494. 5
497. 6
498. 6
500.9
503. 5
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
« Preliminary.
* Reflects stepped-up payments for veterans' insurance.
NOTE.—Data for Alaska and Haw7aii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
According to preliminary estimates, disposable personal income rose $7 billion (seasonally adjusted annual rate) in
the second quarter. Consumption increased $5 billion, while personal saving went up $2 billion to a rate of 7.1
percent of disposable income.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
450
400
350
-
300
DOLLARS
2,400
2,400
2,200
2,000
2,000
1,800
1,800
1959
1961
1960
1962
1963
1965
1964
-I/ PRELIMINARY ESTIMATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Personal
taxes
Equals:
Disposable
personal
income
Less:
1954
1955 _ _ _
1956
1957
1958
1959
1960
1961
1962
1963
1964_
289. 8
310. 2
332. 9
351. 4
360. :}>
383. 9
401. 3
417. 6
442. 4
464. 1
491. 4
32. 9
35. 7
40. 0
42. 6
42. 3
46. 8
51. 4
52. 9
57. 9
61. 6
59. 5
256. 9
274. 4
292. 9
308. 8
317. 9
337. 1
349. 9
364. 7
384. 6
402. 5
431. 8
1964: I
II —
III
IV___
480.
487.
494.
502.
9
9
5
2
61. 4
57. 7
58. 8
60. 2
419.
430.
435.
442.
1965: L _ _ - 511. 6
63. 3
64. 6
448. 3
455. 3
II 3__
519. 9
5
2
6
1
L ess:
Persona 1 eonsump>tion expe nditures
Total
NonDurable durable
Services
goods
Billions of dollars5
32. 4
119. 3
86. 3
238. 0
39. 6
124. 8
92. 5
256. 9
38. 5
131. 4
269. 9
100. 0
40. 4
137. 7
285. 2
107. 1
141. 6
37. 3
114. 3
293. 2
43. 6
122. 8
313. 5
147. 1
44. 9
328 2
151. 8
131. 5
155. 4
337. 3
43. 7
138. 3
48. 4
162. 0
356. 8
146. 4
52. 1
167. 5
375. 0
155. 3
57. 0
177. 3
399. 3
165. 1
Seaso u ally adji isted anm-ial rates
172. 9
390. 0
55. 9
161. 1
175. 3
396. 1
57. 0
163. 8
179. 5
404. 6
58. 7
166. 4
181. 3
56. 3
406. 5
169. 0
418. 1
423. 0
62. 0
60. 6
184. 3
187. 7
1
Income in current prices divided by the implicit price deflator for persona)
consumption
expenditures on a 1964 base.
2
Population of the United States including armed forces abroad. Annual
data as of July 1; quarterly data centered in the middle of the period, interpolated
from monthly figures.
171. 7
174. 7
Per cap ita disas
posable perse nal Saving
percent Populainco me
Equals :
of distion
Personal
posable
(thou-2
saving Current
1964
personal sands)
prices } income
prices
(percent)
Dol lars
162, 388
.4
18.9
1,815
1, 582
.4
1, 896
165, 276
17.5
1, 661
.9
168, 225
23. 0
1,741
1, 956
171, 278
23.6
.6
1, 968
1, 803
174, 154
1, 957
.8
24.7
1,826
7.0
177, 080
2,015
23. 6
1, 904
6. 2
2,021
ISO, 684
21.7
1,936
27. 3
2, 057
7. 5
183, 756
1, 985
7.2
2, 060
186, 656
27. 8
2, 116
2, 125
27. 5
6. 8
189, 417
2, 155
2,248
32. 5
2, 248
7. 5
192, 119
29. 5
34. 0
31. 0
35. 5
2, 194
2,243
2, 263
2, 289
2, 204
2,245
2, 260
2,278
7. 0
7. 9
7. 1
8. 0
191, 160
191,780
192, 478
193, 182
30. 2
32. 3
2, 314
2, 343
2, 291
2, 306
6. 7
7. 1
193, 762
194, 298
FARM INCOME
Net farm income, seasonally adjusted, rose sharply in the first half of 1965. The $ain over a year earlier was $1 billion excluding inventory change and $11/2 billion including the effects of changes in inventories. Surging farm prices,
particularly for meat animals, was a major factor in the rise.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY
CHANGE
20
1960
1963
1961
Personal income re ceived by
total i arm popn 1 at ion
p. r;
._ _
I ! ;s
__
1 1'. ; ' >
I
n
!'
1<
1
'.'
i ( :•;
i '. ; i
r.M.I; !
11
111
IV
1'".., i
II'
___
_
___
1965
]"ncome re ceived fro m farming.i
Realize d gross
i 1 . :<;
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Period
20
From
all
sources
From
farm
sources
From
nonfarm
sources
17. 8
17. 6
19. 5
18. 1
18. 6
19. 0
19. 2
18. 7
17.9
11. 2
11. 0
12. 8
11. 0
11. 4
12. 1
12. 2
12. 0
11. 1
6. 6
6. 6
6. 7
7.1
7. 2
6.9
7. 0
6. 7
6.8
Net tc3 farm
oper.itors
Net inc ome per
farm incl tiding net
inventory change 3
ProducCash
tion ex- Exclud- Includreceipts penses ing net in- ing net in- Current
1964
Total i
from
ventory ventory2
prices prices 4
marketchange
change
ings
Billions c)f dollars
Dol lars
34. 3
30.4
22.4
11.4
11. 9
2,535
2, 786
34. 0
29. 7
23. 3
10. 7
11. 3
2,590
2, 755
37. 9
12. 7
33. 5
25. 2
3, 189
13. 5
3,357
37.5
26. 1
33. 5
11. 4
11. 5
2, 795
2,911
37.9
34. 0
26. 2
11. 7
12. 0
3, 043
3, 137
39. 6
34.9
27. 0
12.6
12.9
3,389
3,494
41. 0
36. 2
28. 5
12. 5
3,562
13. 1
3,635
42. 1
29. 6
12. 5
37.3
3,671
13. 1
3, 708
42. 2
36. 9
29.3
12. 9
12. 1
3,486
3, 486
Seas onallv ad justed anrnial rates
42. 1
36. 9
29. 5
12. 6
12. 0
3,460
3,460
42.3
37. 0
29.3
13. 0
12. 1
3,480
3,480
42. 3
37. 0
29. 2
12. 1
13. 1
3,480
3,480
42. 1
29. 0
36.7
12. 3
13. 1
3,540
3,540
42. 2
36.7
29. 6
12. 6
12. 1
3,580
3,540
45. 0
39. 5
30. 0
15. 0
14. 6
4,320
4,240
M M I K < - t l n ; ' . s , (Jovormncnt payments, and nonmoney ini n t live: lock valued at f he average price for the year.
i in <>f A ^ r l r u M u r e definition of a farm. The number of
i l l i i n si year
i iron t U v i d i - d by the index of prices paid by farmers for
s Preliminary.
NOTE.—Data revised; see Farm Income Situation, July 1965. Therefore, net
farm income including inventory change differs from farm proprietors' income
on p. 4 (to be revised in August).
Source: Department of Agriculture.
CORPORATE PROFITS
Corporate profits before taxes advanced $6.6 billion (seasonally adjusted annual rate) in the first quarter.
taxes, corporate profits rose $4.7 billion.
After
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
1965
1962
J/EXCLUDING INVENTORY VALUATION ADJUSTMENT.
•SEE NOTE ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corj)orate pr ofits (befc>re taxes) and inverj tory
valuation adjustmei it
TransM anufactur ing
portation,
comAll
Period
All
NonDurable durable
muniother
indusgoods
indusTotal
tries
goods cations,
indusand
tries
industries
public
utilities
14. 2
1955
10. 8
43. 1
25. 0
5. 4
12.8
1956
12. 6
10. 9
23. 5
42. 0
5. 6
12. 9
22. 9
1957
13. 1
9. 8
41. 7
5. 5
13. 3
1958
9. 3
37. 2
IS. 3
9. 0
5. 6
13.3
1959
13. 4
47. 2
25. 4
11. 9
6. 7
15. 1
1960
23. 0
11. 6
11. 4
44. 5
7.0
14. 4
21. 7
1961
44. 1
10. 8
10. 9
7. 3
15. 1
1962
48. 4
24. 7
13. 2
11. 5
8.0
15. 7
12.
3
50. 8
14. 4
1963
26. 7
8. 4
15. 7
1964
57. 4
16. 7
14.3
30.9
8.9
17.5
1964: I
56. 4
30. 6
16. 6
13. 9
8. 5
17. 4
57. 9
14. 8
17. 0
31. 7
8. 8
17. 4
II—
III__ 58. 1
31. 2
14. 3
16. 9
9.3
17. 6
14. 1
I V _ . 57. 0
30. 3
16. 2
9.3
17. 5
1965: I
15. 1
62.9
35.3
20.
1
9.
1
18.5
II 3 __
1
Includes depreciation, capital outlays charged to current accounts and accidental damages.
*8 Corporate profits after taxes plus corporate capital consumption allowances.
Preliminary estimates.
50-680°—-65
2
CorjDerate pr ofits
a fter taxe s
Corpo- Corporate
rate
profits
tax
before liabiltaxes
ity
44. 9
44. 7
43. 2
37. 4
47.7
44. 3
44. 2
48. 2
51. 3
57. 6
56. 6
57. 9
58.0
57.7
64.3
21. 8
21. 2
20. 9
18. 6
23. 2
22. 3
22. 3
23. 2
24. 6
25. 8
25. 4
26. 0
26. 0
25. 9
27.7
Total
23. 0
23. 5
22. 3
18. 8
24. 5
22. 0
21. 9
25. 0
26. 7
31. 8
31.2
31. 9
32. 0
31. 9
36.6
Corporate
capital
conDiviUndend distrib- sumption
payuted
ments profits allow-l
ances
11. 2
12. 1
12. 6
12.4
13.7
14. 5
15.2
16. 5
18. 0
19. 8
19.4
19. 8
20. 0
20.2
20.5
21. 0
11.8
11.3
9.7
6. 4
10. 8
7. 5
6.7
8. 5
8.7
11. 9
11.8
12. 1
12. 0
11.7
16.1
18.4
20.0
21. 8
22. 7
24. 3
25. 6
26. 9
30. 5
31. 8
33.7
33. 0
33. 4
33. 8
34. 4
34.8
35.2
Profits
plus
capital
consumption
allow-2
ances
41.4
43. 5
44. 1
41.4
48.7
47. 6
48. 8
55. 5
58.5
65. 5
64.2
65. 3
65. 8
66. 3
71.4
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines
($2^ billion for 1962) and therefore not comparable with previous data. Data for
Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS PRIVATE DOMESTIC INVESTMENT
Gross private domestic investment declined slightly on a seasonally adjusted basis in the second quarter. Fixed
investment led by new construction, registered a gain of nearly $1 billion (annual rate). However/ inventory investment fell by more than $1 billion.
BSLLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
100
GROSS PRIVATE
DOMESTIC INVESTMENT
NEW CONSTRUCTION
40
40
PRODUCERS'
DURABLE EQUIPMENT
20
CHANGE IN BUSINESS
/ INVENTORIES
!
J/ ,
I
I960
1961
1964
1963
1962
i
1965
-i/ PRELIMINARY ESTIMATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Period
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: I
TI
III
IV
1965: I 3
II
Total
gross
private
domestic
investment
50. 3
48. 9
63. 8
67. 4
66. 1
56. 6
72. 7
71. 8
68. 8
79. 1
82. 0
87.7
85. 9
87. 2
87. 3
90.4
94. 7
94. 3
New cons truction
Total
Total
49. 9
50. 5
58. 1
62. 7
64. 6
58. 6
66. 2
68. 3
66. 9
73. 3
77. 6
84.0
83. 4
83.5
84. 5
84.7
87. 8
88. 6
Residential
nonfarm
27. 6
29. 7
34. 9
35. 5
36. 1
35. 5
40. 2
40. 7
41. 0
44. 2
46. 6
48.9
49 2
48. 9
48. 9
48.7
49. 9
50. 9
1
Revisions in series OB new construction shown on p. 18 have not yet been incorporated
into these series.
2
"Other" construction in this series includes petroleum and natural gas \veil
drilling, which are excluded from estimates on p. 19.
8
Change in business inv entories
Fixe3d investnlent
13. 8
15. 4
18. 7
17. 7
17.0
18. 0
22. 3
21. 1
21. 1
23. 6
25.2
26.0
26. 9
26. 2
25. 7
25. 1
26. 2
26. 3
3
l
Otrter -
Total
13. 8
14. 3
16. 2
17. 8
19. 0
17. 4
17. 9
19. 7
19. 8
20. 6
21. 3
22. 9
22. 3
22. 7
23. 1
23.6
23. 7
24. 6
Nonfarm
12. 1
12. 7
14. 6
16. 3
17. 5
15. 9
16. 2
18. 0
18. 2
19. 0
19. 8
21.4
20. 8
21. 1
21.6
22. 1
22. 2
23. 2
'reducejrs' durble eqilipment
o]
L^r»t
otai
22. 3
20. 8
23. 1
27. 2
28. 5
23. 1
25. 9
27. 6
25. 9
29. 0
31. 0
35. 1
34. 2
34. 6
35. G
36.0
37. 9
37. 7
Total
Nonfarm
19. 5
18. 5
20. 6
25. 0
26. 2
20. 3
23. 1
25. 1
23. 3
26. 3
27. 9
31. 6
30. 7
31. 2
32. 1
32.3
34. 2
34. 0
0.4
— 1. 6
5. 8
4. 7
1. 6
-2. 0
6. 6
3. 5
1.9
5. 9
4. 4
3.7
2. 5
3. 7
2.8
5. 7
6. 8
5. 7
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
Nonfarm
1. 1
-2. a
5. i
5. 1
.5
-2. €
6. £
3. 2
1. £
5. c
3. £
s.e
2. 5
3. 4
2. 7
6. 1
7. (
5. £
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The May survey of plant and equipment expenditures reported business plans for spending $50.4 billion in 1965, up
slightly from the amount reported in the February survey and up 1 2 percent from the 1964 total.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50 j-
10
•1959
1
1960
1965
Jj SEE NOTE 3 ON TABLE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
M anufacturi u g
Period
Total i
Total
1953
1954
1955
195G
1957
1958
_ - _ .__
1959
I960
1901
1902
1903
1904 :5
1905
1904: III
IV
1905: I 3
II _
III3
IV3 _ _ _
28. 32
20. S3
28. 70
35. 08
30. 90
30. 53
32. 54
35. 08
34. 37
37. 31
39. 22
44. 90
50.40
45. 05
47. 75
49.00
49. GO
50.80
52. 10
11. 91
11. 04
11. 4.4
14. 95
15. 90
11. 43
12. 07
14. 48
13. 08
14. 08
15. 09
18. 58
21.78
18. 85
20. 15
20.75
21.25
22.35
22. 55
Trans po rtatioii
Durable Nonduragoods
ble goods
5. 05
5. 09
5. 44
7. 02
8. 02
5. 47
5. 77
7. 18
0. 27
7. 03
7. 85
9. 43
10.89
9. GO
10. 15
10.40
10.45
11. 20
11. 45
0. 26
5. 95
6. 00
7. 33
7. 94
5. 96
6. 29
7. 30
7. 40
7. 65
7. 84
9. 16
10.89
9. 20
10. 00
10.40
10.85
11.20
11. 10
Mining
Railroads
0. 99
. 98
. 96
1. 24
1. 24
. 94
.99
. 99
. 98
1. 08
1. 04
1. 19
1.32
1. 20
1. 30
1.25
1.30
1.35
1.31
. 85
. 92
1. 23
1. 40
. 75
. 92
1.03
. 67
. 85
1. 10
1. 41
1.63
1. 50
1. 55
1.75
1.45
1. 50
Other
1. 56
1. 51
1. 60
1. 71
1.77
1. 50
2. 02
1. 94
1. 85
2. 07
1. 92
2. 38
2.04
2. 40
2. 00
2. 55
2. 75
2. 50
29. r>f
Public
utilities
4. 55
4. 22
4. 31
4. 90
0. 20
6. 09
5. 07
5. G8
5. 52
5. 48
. 05
22
. 07
. 30
. 35
. SO
. 00
. on
Commercial and.
other ~
8.00
8. 23
9. 47
11. 05
10. 40
9. 81
10. 88
11. 57
11. 6S
13. 15
13. 82
15. 13
16. 36
15. 40
15. SO
15. 85
16. 20
16. 50
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
After an unusual period of gains, agricultural employment returned to its long-term downward trend in June with a
decrease of 299,000 on a seasonally adjusted basis. This offset part of the 480,000 increase in nonagricultural
employment.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
SEASONALLY ADJUSTED
TOTAL LABOR FORCE
60
55 10
5 -
PERCENT OF CIVILIAN LABOR FORCE
PERCENT OF CIVILIAN LABOR FORCE
uNEAM>L D /AAE NT RA FE
~ - ~r
- -^
1
19 59>
s EA SC>A IV\r
"
-r
- ~:
96(3
AC JL SI EC>
--
961
96:3
19 6 2
_
—(
1
196^t
965
*14 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1960___
1961__.
19622..
1963...
1964_._
1964:
Apr_
May.
June_
July.
Aug_
Sept_
Oct__
Nov.
Dec
1965:
Jan__
Feb_
Mar_
Apr_
May.
June-
Total
labor
force
(including
armed
forces)
73, 126
74, 175
74, 681
75, 712
76, 971
COUNCIL OF ECONOMIC ADVISERS
Civiligin employ tnent
Total
labor
force
Non- Unem- (includployagriing
ment
Total
eularmed
tural
forces)
Thous ands of p>ersons 14
66, 681 60, 958 3, 931 73, 126
66, 796 61, 333 4,806 74, 175
67, 846 62, 657 4, 007 74, 681
68, 809 63, 863 4, 166 75, 712
70, 357 65, 596 3,876 76,971
Unadj usted
Civiligtn emplo yment
Civilian
labor
force
years of age and o ver
70, 612 66, 681 5,723
71, 603 66, 796 5,463
71, 854 67, 846 5, 190
72, 975 68, 809 4, 946
74, 233 70, 357 4,761
Seasonally adjustec I
TO"
JNonagricultural
3, 931
4,806
4, 007
4, 166
3,876
65, 695
65, 790
65, 519
65, 632
65, 641
65, 650
65, 658
66, 084
66, 463
4,021
8,838
8,960
3,692
3,797
3,815
8,880
3,654
3,702
69, 877
71, 101
71, 953
72, 405
72, 104
70, 805
71, 123
70, 793
70, 375
65, 448
66, 094
66, 100
66, 586
66, 704
65, 575
65, 997
66,248
66, 590
3, 921
3, 640
4, 692
3, 813
3,654
3, 317
3,252
3, 373
3,466
77, 252
77, 225
77, 049
76, 928
77, 006
77, 023
76, 996
77, 140
77, 432
74, 507
74, 477
74, 305
74, 188
74, 255
74, 280
74, 259
74, 409
74, 706
75, 699
76, 418
76, 612
77, 307
78, 425
80, 683
68, 996
69, 496
70, 169
71, 070
72, 407
73, 716
65, 257
65, 694
66, 180
66, 597
67, 278
68, 094
3,996
4, 218
3, 740
3, 552
3,335
4,287
77, 621
77, 755
77, 647
78, 068
78, 127
78, S56
74, 914 71, 284 4,513 66, 771 3,630
75, 051 71, 804 4,595 66, 709 3, 747
74, 944 71, 440 4,550 66, 890 3,504
75, 377
75, 443
75, 676
labor force as percent of noninstitutional population.
Not strictly comparable with preceding data. See Employment and Earnings, May 1962, p. XIV.
70, 486
70, 689
70, 345
70, 496
70, 458
70, 465
70, 879
70, 755
71,004
71, 717
71, 937
72, 118
4, 791
4, 849
4,826
4,864
4,817
4,815
4, 721
4,671
4,541
4, 843
4,958
4, 659
Labor
force
participation
rate,
unadjusted *
Percent
958
333
657
863
596
60,
61,
62,
63,
65,
76, 544
77, 490
79, 389
78, 958
78, 509
76, 865
77, 112
76, 897
76, 567
1
Total
1
10
Total
Agricultural
Unemp] oyment
rate (percent of
civiliaii labor
Unemfor ce)
ployment
Unad- Seasonadjusted ally
justed
66, 874
66, 979
67, 459
3, 660
3,506
3,558
5.6
6.7
58. 3
58. 0
57. 4
57. 3
57.4
5. 6
5.7
5.2
5. 3
4. 9
6. 1
5.4
5.2
5.3
5.0
5. 0
5. 1
5. 1
5. 2
4.7
5.0
5.5
4.8
4. 8
4. 5
4. 4
4. 5
5. 7
5. 1
4. 8
4.4
5. 5
NOTE.—Beginning 1960, data include Alaska and Hawaii.
Source: Department of Labor.
4.9
5.0
4.7
4.9
4.6
4- 7
57. 3
57.9
59.2
58. 8
58.4
57. 1
57.2
57. 0
56.7
55.9
56. 4
56. 5
56. 9
57.7
59. 3
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In June, the seasonally adjusted unemployment rate of 4.7 percent was little changed from the May rate but significantly lower than the June 1964 rate. The average for the second quarter was also 4.7 percent, the lowest quarterly
rate in nearly 8 years.
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILIAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
4.0
UNEMPLOYMENT RATE,
MARRIED MEN
2.0
2.0
1959
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
Uneniploymerii ', rate
(percen t of civiluin labor
for ce in grou P)
Period
Per cent
I960
1901 _
J9G2
!<)(>:*_
. ___
_
11)04
1904: J u n e
Julv
Aug
Sept.
Oct.
Nov
Dec
Persons at work in nonagri cultural 2ir dustries
by hours worked p>er week
Urider 35 ho urs
Part-ti me for
Part-ti me for
economi c reasons economi 3 reasons
35-40
Total
hours
Usually Usually Usually Usually
fullpartfullparttime *
time 4
time s
time 3
Thousan ds of pers ons 14 ye ars of age and over
17, 604 28, 724 11, 528
1, 243
1, 317
18, 210 29, 047 11, 132
1,297
1, 516
19, 025 28 853 11, 675
1, 049
1, 288
19, 257 29, 422 11, 856
1, 219
1, 070
19, 294 29, 127 13,850
985
1, 151
IJnad juste i
Seasonalh7 adjusted
19, 783 30, 994 11, 320
1, 431
1,088
1, 114
1, 148
1, 510
878
19, 195 29, 450 10, 476
981
1, 173
904
19, 159 30, 053 10, 284
1, 177
1, 503
900
1, 056
15, 079 18, 907 28, 157
965
1, 155
953
20, 284 29, 065 13, 857
935
988
961
1, 137
19,358 27,757 16,913
975
1,052
926
897
1,021
21,251 31,066 12, 298
968
1,044
1,088
20, 264 31, 166 11,681
1,000
1,128
1,078
979
982
952
20, 018 30, 110 13, 165
927
1, 045
1,082
20,612 31,371 11,981
910
998
877
921
1, 007
862
18, 499 29, 187 16, 117
818
9-U»
936 5 892
950
21, 354 31,654 11,966
5
1 , (KUi
1,292
944
966
20, 856 32,011 11,462
Labor
force
time lost
Experi- Married through
unemenced
men
ployment Over 40
All
wage
and
(wife and part- hours
workers salary
time1
workers present) work
_ _
___
f>. 0
0. 7
5. 0
r>. 7
f>. 2
r>. 7
0. 8
r>. r>r
r>. . )
:j. 7
6.7
4. 0
;>. o
3. 4
2.8
f>. 0
Season a 11v ndjustec
2. 8
5. 3
5. 3
2. 7
4. 8
5. 0
r>. i
4. 9
2. 6
4. 9
2. 8
5. 1
r>. 2
2.9
5. 0
!
8. 0
0. 7
6. 4
5.8
6. 1
5.7
4. 9
47
2. 4
5. 7
5. 7
5. 7
5. 2
5.0
4.8
4.5
4.5
2.6
2.7
5.3
5.3
1965: Jan
2. 6
5. 4
4. 6
5. 0
Feb
5. 1
2.5
4.3
4.7
Mar
2. 5
5. 3
4. 5
49
Apr
4.2
2.5
5. 1
4.6
May
2.4
5.5
4.7
4.7
June _ _
* Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963, series reflects whether unemployed persons sought fullor part-time jobs.
2 Differs from total nonagrieultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,.
and industrial disputes.
3
Includes persons who worked part-time because of slack work,
shortages
or repairs, new job started, or job terminated.
4
Primarily
includes persons who could find only part-time work.
5
Average hours worked: usually full-time, 23.0; usually purl-time, l < » '»
NOTE.— See Note, p. 10. Beginning 1960, data include A lu.sk u uu«l
Source: Department of Labor.
UNEMPLOYMENT INSURANCE PROGRAMS
In June, insured unemployment under Sfate programs averaged 238,000 less than in June 1965.
ployment rate remained at the low level of 2.9 percent, seasonally adjusted.
MILLIONS OF PERSONS
The insured unem-
MILLIONS OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS)
I
JAN.
MAR.
FEB.
1 ..1
i \
APRIL
\
1 I
_J
MAY
1 1 1 1 1 1 1 I
JULY
AUG.
1 1 1
Period
1961
1962
1963
1964
1964: May
June
July
Aug
. . __
Sept
Oct
Nov
__ _
Dec
1965: Jan
___
Feb
Mar_ _
Apr
_
_ ._
May 1
June
_
Week ended:
1965: June 5
12
19
26 1
July 3 1
10
12
I
1 I
I L_J
1 L.
COUNCIL OF ECONOMIC ADVISERS
A 11 progranis
Insured Total
unem- benefits
paid
Covered ploy(milemploy- ment
(weekly
lions
ment
averof dolage)
lars)
Thou sands
46, 264
2, 994
1, 92-1
47, 766
2
48, 435
1, 973
1
49, 295
1, 753
J, 60 5
49, 400
1, 448
50, 151
1
50, 349
1,491
1
1, 396
50, 678
1
50, 771
1,256
1,264
1,417
1,801
2, 135
2, 066
1,863
1, 622
1,316
1, 182
1,230
1, 185
1, 168
1,163
1, 165
4, 35S. 2
3, 160. 0
3, 025. 0
2, 749. 2
218. ]
195). ]
195. 6
180. 2
163. 7
157. 8
162. 0
230. 4
273. 0
265. 8
294. 9
242.7
179. 2
157. 0
Steite progra ms
Insured
unemployment
Initial
claims
Exhaustions
Weekly iiverage, t lousands
46
2, 290
350
32
302
1, 783
2
2
294
30
1, 806
26
1,605
268
31
218
1, 447
1,297
27
218
282
24
1,343
23
212
1,261
21
194
1, 125
20
225
1, 138
20
1,293
276
22
1,675
348
25
355
1,996
1,932
25
269
25
222
1, 718
27
220
1, 470
24
1, 179
186
22
1,059
191
1,095
1,061
1,047
1, 046
*1, 049
1
Preliminary.
* Not charted.
'Programs include Puerto Rican sugarcane workers for initial claims and
insured unemployment beginning July 1963.
I
_J
SEPT.
-^SEE NOTE 2 ON TABLE BELOW.
SOURCE: DEPARTMENT OF LABOR
169
182
183
199
236
307
Insurec unemploymen t as percent of covered
emplo yment
Unad- Seasonadjusted ally
justed
Pensent
5. 6
4. 4
4.3
3. 8
3. 4
3. 1
3. 1
2.9
2.5
2.6
3.0
3.9
4.6
4. 5
4. 0
3. 4
2.7
2.4
Benefi is paid
Total Average
(milweekly
check
lions of
dollars) (dollars)
3,
2,
2,
2,
3. 6
3. 6
3. 6
3. 5
3.4
3.4
Q /
8. 4
3. 6
3.4
3. 3
3. 2
3. 1
2.9
2. 9
422. 7
675. 4
774. 7
522. 1
201. 5
183. 1
180. 5
164.5
148.4
143. 2
147.0
211. 4
252. 1
245.7
273. 4
224.9
165.7
145.0
33. 80
34. 56
35. 27
35.96
35. 50
35. 27
35. 35
35. 60
35.40
35. 92
36.38
36. 81
37. 18
37.39
37.41
37. 16
36. 40
35. 80
2.5
2.5
2.4
2.4
2.4
NOTE.—For definitions and coverage, see the 1964 Supplement to Economic
Indicators. Data for Alaska and Hawaii included for all periods and for Puerto
Rico since January 1961.
Source: Department of Labor
NONAGRICULTURAL EMPLOYMENT
Led by an increase of 79,000 in durable goods, nonagricuiturai payroll employment rose by 208,000 (seasonally
adjusted) in June. State and local governments continued their recent acceleration in employment gains with a
month-to-month gain of 43,000 and a year-to-year gain of 410,000.
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED DATA)
MANUFACCURING
ALL NONAGRICULTURAL ESTABLISHMENTS
TOTAL
:iT-^*
16
'
DURAB LE
GOODS
1NDUSTF IES
.. — — **
10
-—^
NON DURABLE GOOD'> INDUSTRIES
nti(
52
. ! ! I 1 1 1 1 ! 1 1 I
„„„„„..,.,
i i iii iiii ii
i i 11 t 1 i i t . i.
1963
1965
WHOLESALE AND RETAIL TRADE
CONTRACT CONSTRUaiON
•(ENLARGED SCALE)
35
i iii i ii iiii
1962
1965
1963
Viit
125
(ENLARGED SCALE)
3.0
2.5
2.0 U
1962
1
1963
11.0
1965
1964
1962
1964
1963
SOURCE: DEPARTMENT OF LABOR
I
1965
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
N onmanu racturin£I (private
Manufac turing (iprivate)
eriod
Total
Total
__
51, 30X
53, 297
54, 203
53, 9X9
55, 5 1 5
5(i, 043
5X, 1 XX
: Mny 57, 931
5X, 104
June
>X, 250
Julv
»X, 301
Au«
>X, 45X
Srpt
( ) c t . _ _ i >X, 3X2
>X, X7X
Nov_
>9, 200
I )cc
9, 334
: .!im__
)9, 070
I'Yb
Marl 59, 992
Apr__2 59, 913
GO, 098
May
June 2 00, 300
15, 945
10, 075
10, 790
1 0, 320
!('», X53
, 005
, 303
, 225
, 2X5
, 344
", 339
"\ 449
,171
", 505
~, 022
", 705
17,772
17,X49
17, X90
17, 912
18, 005
Nondurable
goods goods
Durable
X,
9,
9,
9,
9,
9,
X30
373
459
070
4X1
025
9, X 4 X
9, 7X0
9, X20
9, X90
9, XXO
9, 9X0
9, 702
9, 992
10, OXX
10, 150
10, 210
10, 259
10,311
10, 323
10, 402
7, 1 10
7, 303
7, 330
7, 250
7, 372
7, 3X0
7, 455
7, 445
7, 459
7, 454
7, 453
7, 403
7, 409
7, 513
7, 534
7, 555
7, 502
7, 590
7, 585
7,589
7,603
Total
27, 5X4
28, 539
29, 054
29, (Hit)
29, 772
30, 439
31, 3X2
31, 250
31, 349
31, 401
31, 491
31, 500
3 1 , (5 i 5
31, 713
31, 892
31, 922
32, 102
32, 352
32, 182
32, 327
32, 389
Con- Transtract portation
Mining conand
strue- public
tion utilities
751 2,778 3,976
732 2,960 4,011
712 2, 885 4,004
i72 2, 816 3, 903
i50 2, 902 3, 906
035 2, 9X3 3, 914
>35 3, 100 3, 970
>3 1 3, 093 3, 908
i39 3, 100 3, 905
i39 3, 107 3, 9X3
i34 3, 103 3, 999
034 3, 0X0 4, 005
>38 3, 100 3, 990
039 3, 102 3, 997
037 3, 244 4,020
033 3, 235 3,939
635 3, 281 3, 997
633 3,304 4,042
629 * 3, 186 4,044
629 3,210 4,058
632 3,215 4,072
Includes all full- and part-time wage and salary workers in Bonagrieultural
establishments 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 servents, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricuiturai employment of the
civilian labor forces, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
Wholesale
and
retail
trade
10, 750
11, 127
11,391
11,337
11, 566
11, 803
12, 188
12, 135
12, 187
12, 223
12, 231
12,229
12, 278
12, 311
12, 362
12, 447
12, 532
12, 622
12, 563
12, 632
12, 647
Gover nment
Finance,
insurance,
and
real
estate
2,519
2,594
2, 669
2,731
2,800
2, 873
2, 944
2, 934
2, 943
2,948
2, 951
2,960
2, 964
2, 970
2,975
2,979
2,987
2,997
2,997
3,004
3,006
Service
State
and
and
miscel- Federal local
laneous
6, 811
7, 115
7,392
7,610
7,947
8,230
8, 533
8,489
8, 509
8, 561
8,573
8,592
8, 633
8, 634
8, 654
8,689
8, 730
8,754
8,763
8,794
8,817
2, 191
2,233
2,270
2,279
2,340
2,358
2,348
2,339
2, 323
2,322
2,328
2,320
2, 331
2, 354
2,352
2,342
2, 335
2,340
2,344
2,345
2,355
5,648
5,850
6,083
6,315
6,550
6,841
7, 155
7, 117
7, 147
7, 129
7, 143
7, 189
7,265
7, 306
7, 340
7,365
7, 407
7,451
7,491
7, 514
7, 557
are not at work because of industrial disputes; and which are based on
meration of population, whereas the estimates in this table are based on i
from
employing establishments.
2
Preliminary.
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source r Department of Labor.
WEEKLY HOURS OF WORK - SELECTED INDUSTRIES
The average workweek in manufacturing, seasonally adjusted, fell slightly in June—from 41.1 to 41.0 hours.
decrease was concentrated in nondurable goods.
HOURS PER WEEK (SEASONALLY ADJUSTED)
HOURS PER WEEK (SEASONALLY ADJUSTED)
46
46
DURABLE /v\ANUFACTUR ING
The
NONDURABLE MANUFACTURING
44
44
*~~~^s ^v*s>^
t
x^^—*VN< *+*^S*+*i^^
42
A{\
40
oo
38
*}A
36
34
34
1962
1963
1964
1962
1965
1963
1965
1964
44
42
RETAIL IRAODE
CONTRACT CONSTRUCTION
40
42
38
40
36
38
34
*5A
32
•J A
.,-.^.1..,..
.^
•*"-*
•»*«—*V/^^^^
32
30
1962
1964
1963
3965
1963
1962
SOURCE-. DEPARTMENT OF LABOR
1964
• i . , i i . i i • \j.
1965
COUNCIL OF ECONOMIC ADVISERS
[Average hours per week; 1 seasonally adjusted]
Mar ufacturing Indus tries
Period
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
_
1964
1964: May
June
July
Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr 2
May
June 2
1
-~
_.__
_
_ _ _
. ___
_--.
_
Durable
goods
All
_
39. 6
40. 7
40. 4
39. 8
39. 2
40. 3
39. 7
39. 8
40. 4
40. 5
40. 7
40. 6
40. 6
40. 6
40. 8
40.5
40. 5
40. 9
41. 2
41. 4
41. 3
41. 4
40.9
41. 1
41.0
Data relate to production workers or nonsupervisory employees. Data for
Alaska and Hawaii included beginning 1959.
14
40. 1
41. 3
41. 0
40. 3
39. 5
40. 7
40. 1
40. 3
40. 9
41. 1
41. 4
41. 3
41. 4
41. 3
41. 5
41. 4
41. 2
41. 6
42. 0
42. 2
42. 0
42. 3
41. 7
41. 9
41.9
Nondurable
goods
39. 0
39. 9
39. 6
39. 2
38.8
39. 7
39. 2
39. 3
39. 6
39. 6
39.7
39.7
39. 6
39. 5
39. 7
39. 4
39. 9
40. 0
40. 0
40. 1
40. 2
40. 2
39.8
40.0
39.8
2
Preliminary.
Source: Department of Labor.
Contract construction
37. 2
37. 1
37. 5
37. 0
36.8
37. 0
36. 7
36. 9
37. 0
37. 3
37.2
37. 3
37.3
36. 8
37. 0
35.6
37. 1
37. 7
39. 0
37. 5
37. 4
37. 5
36.9
37.7
37.2
Retail trade
39. 7
39. 6
39. 1
38. 7
38. 7
38. 7
38. 5
38. 1
37. 9
37. 8
37. 4
37. 5
37. 5
37. 7
37. 5
37.3
37. 5
37. 3
37. 3
37. 1
37. 2
37. 1
37.3
37. 1
AVERAGE HOURLY AND WEEKLY EARNINGS - SELECTED INDUSTRIES
In June, average weekly earnings in manufacturing rose $0.68 to $108.21.
The over-the-year gain was $4.73.
DOLLARS
130
AVERAGE WEEKLY EARNINGS
120
DURABLE GOODS
INDUSTRIES
110
2.40
100
ALL MANUFACTURING
INDUSTRIES
2.20
JL.
90
^'V
NONDURABLE GOODS
INDUSTRIES
80
1962
1965
1963
1962
1964
1963
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
[For production workers or nonsupervisory employees]
Aversige hourly earnings-—current prices
Period
1955
1956
_ _
1957___
1958
1959
1960 _ _ _ _
1961
1962
1963 _
1964_
1964: May._
June__
July-.
Aug..
Sept__
Oct..
Nov
Dec__
1965: Jan...
Feb..
Mar__
Apr__
May 3 _
June 3 _
Manuff icturing iindustries
Contract
conRetail
NonDurable
trade
strucAll
durable
goods
tion
goods
1. 86
1. 95
2. 05
2. 11
2. 19
2. 26
2. 32
2. 39
2. -16
2. 53
2. 53
2. 51]
2. 53
2. 52
2. 57
2. 53
2. 56
2. 58
2. 59
2. 59
2. 60
2.60
2.61
2.62
1. 99
2. 08
2. 19
2. 26
2. 36
2. 43
2. 49
2. 56
2. 64
2. 71
2. 71
2. 71
2. 71
2. 71
2. 75
2. 70
2. 73
2. 77
2.77
2. 77
2.78
2.78
2.80
2.80
1. 67
1. 77
1. 85
1. 91
1. 98
2. 05
2. 11
2. 17
2. 22
2. 29
2. 29
2. 29
2. 29
2. 29
2. 32
2. 30
2. 31
2. 32
2.33
2.33
2. 34
2.34
2.34
2.35
2. 45
2. 57
2. 71
2. 82
2. 93
3. OS
3. 20
3. 31
3.41
3.55
3. 50
3. 49
3. 53
3. 54
3. 58
3. 61
3. 56
3. 62
3.62
3. 68
3. 65
3.60
3.64
Aver age weekl y earnings 3 — currenl, prices
Manufc icturing iiidustries
1. 34
75. 70
1. 40
78. 78
81. 59
1.47
82. 71
1. 52
1. 57
88. 26
1. 62
89. 72
92. 34
1. 68
96. 56
1. 74
99. 63
1. 80
1. 87 102.97
1.87 1102. 97
1.87 103. 48
1.87 102. 97
1.87 103. 07
1. 89 104. 60
1. 89 102. 97
1. 89 104. 70
1.87 106. 81
1.92 105. 93
1. 92 105. 93
1. 92 107. 12
1.93 105. 82
1. 95 107. 53
108. 21
1
Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
2
3 Earnings in current prices divided by the consumer price index on a 1964 base.
Preliminary.
50-680°—65
3
Non-
Durable
durable
goods
goods
All
82. 19
85. 28
88. 26
89. 27
96.05
97. 44
100. 35
104. 70
108. 50
112. 19
112. 47
113. 01
111. 92
112. 47
114. 13
111. 51
113. 57
117. 17
115. 51
115. 51
117. 04
115.65
117.88
118.16
Contract
con-
struction
Retail
trade
96. 38
100. 27
103. 78
108. 41
113. 04
118. 08
122, 47
127. 19
132. 06
132. 65
133. 32
134. 49
136. 64
131. 03
138. 62
131. 36
133. 22
54. 74
56. 89
58. 82
60. 76
62. 37
64. 01
65. 95
68. 04
69. 94
69. 75
70. 50
71. 62
71. 43
70. 50
70. 31
69. 74
70.31
92.50
131.41
70.85
92. 73
93. 60
92.20
93. 60
131.
133.
132.
139.
01
59
12
41
Adjusted Average
weekly
hourly
earnearnings,
1957-59 = ings,
100 i
66. 63
70. 09
72. 52
74. 11
78. 61
80. 36
82. 92
85. 93
87. 91
90. 91
90. 91
91.37
91. 14
91. 83
91. 87
92. 00
92. 17
93. 26
90.90
Manufa ^turin 0 "
indusl:ries
53.06
70. 85
70. 66
71.60
71.96
94.24
86. 9
91. 5
96. 2
100. 2
103. 5
106. 8
109. 8
112. 5
115. 4
118. 4
118. 2
118. 3
118. 3
118. 3
119. 3
118. 6
119. 2
119. 7
120.0
120. 2
120. 4
120.7
120.9
1964 2
prices
$87. 72
89. 93
89. 96
88. 74
93. 99
94. 05
95. 79
99. 04
100. 94
102. 97
103. 28
103. 58
102. 76
102. 97
104. 29
102. 56
104. 08
106. 17
105. 19
105. 19
106. 27
104. 67
106. 05
NOTE.—Beginning 1959, data include Alaska and Hawaii.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The industrial production index (seasonally adjusted) continued to increase in June with a rise of 0.4 percent
reflecting mainly continued expansion of most durable manufactures.
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
160
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
160
UTILITIES A,ND MINING
TOTAL
150
150
140
140
130
130
120
120
110
i in
*s
/^yiS
/^+
s~^\
UTILI1"IES
s~<^~\
__a^jr
MIN ING
100 1 ' » i i i.tjj i ' i i t i y i » t i » i i. » i y i i I i i •. i »
1962
1963
i ; i i i 1i i i t i
1965
100
V«^x— •*** »,*»•*
*****
I I 1 I i 1 i l l li
1
1 I 1t 1 I ! 1 I !
1962
i ii iiIiiiit
1965
i i i i i Ii .ii.
1963
1964
160
MARKET G ROUPS
150
^C^
140
FINAL PRODIJCTS
130
\
120
.,"*5^*8^—- 7^
^x^- ^
no
100
—
>^v/
MATERIALS
100
1962
1963
1964
1962
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
industrial
production
Period
1955
1956
1957
1958
1959 __
I960
901.
1)02
_>_
...
963 1
90-1
19C)-1: May
June
July,
Auec_
S<>pt
Ort,
Nov
Dec,
_ ...
I'.H',;,: . I : i f i
I'Vh
M:»r
Apr
M:.V
June '
_ _
_ _
.
96. 6
99. 9
100.7
93. 7
105. 6
108. 7
109. 7
118. 3
124.3
132. 0
131. 3
131. 6
132. 9
133.8
134. 0
131. 2
135. 0
137. 7
138. 4
139. 1
140. 5
140.8
141. 4
141.9
1965
1964
1963
[1957-59 = 100, seasonally adjusted]
Industry
Mi mufacturi ng
Total
97. 3
100.2
100.8
93.2
106.0
108.9
109.6
118. 7
124. 9
132. 9
132. 2
132. 4
133.9
134. 5
134. 9
131. 7
136. 0
139.1
140. 0
140. 6
142. 1
142. 3
142.8
143.4
Mai-ket
Fiiaal produt3tS
Mining
Non-
Durable
durable
101.9
104.0
104. 0
90. 3
105.6
108.5
107.0
117. 9
124. 5
133. 2
132. 6
133. 2
135. 0
135.7
135. 2
129. 4
136. 7
140.6
141. 9
142.6
144. 7
145. 4
146. 8
147.7
91. 6
95. 4
96. 7
96. 8
106. 5
109.5
112.9
119. 8
125. 3
132.4
131.7
131. 5
132. 5
133. 1
134. 4
134. 5
135. 2
137.3
137. 6
138. 1
138. 8
138.3
137.8
138.0
Con-
Utilities
Total
99. 2
104. 8
104. 6
95. 6
99. 7
101. 6
102. 6
105. 0
107.9
110. 9
111. 3
111. 4
110. 9
111. 9
111. 9
112. 0
112. 7
112.3
112. 1
111. 5
112. 5
113. 0
114.5
114.6
80.2
87.9
93. 9
98. 1
108. 0
115. 6
122. 3
131. 4
140. 0
150. 5
148. 3
149. 7
151. 4
154. 5
153.2
153. 8
152. 3
154. 7
155. 6
157.4
159. 2
160. 6
160.5
161.0
93. 9
98. 1
99. 4
94. 8
105. 7
109. 9
111. 2
119. 7
124. 9
131. 5
131. 1
131. 7
132. 3
133. 3
132. 5
130. 3
134. 6
137.4
138. 0
138. 2
139. 5
139. 1
139.7
139.9
sumer
goods
93. 3
95.5
97. 0
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131.3
131.0
131. 5
132. 1
133. 1
132. 0
129. 2
133. 6
137. 0
137.9
137. 7
139.3
138. 2
137. 7
138.0
Source: Board of Governors of the Federal Reserve System.
16
Equipment
95. 0
103. 7
104. 6
91. 3
104. 1
107. 6
108. 3
119. 6
124. 2
132. 0
131. 3
132.0
132. 7
133. 6
133. 7
132. 6
136.8
138.3
138. 2
139. 4
140. 0
141. 1
143. 8
144. 0
Materials
99. 0
101.6
101.9
92.7
105. 4
107. 6
108. 4
117. 0
123. 7
132. 5
131. 3
131. 8
133. 6
134 7
135. 6
132. 2
135.7
137.7
139. 1
139. 7
141.3
142. 4
142. 8
143.7
PRODUCTION OF SELECTED MANUFACTURES
Output of most durable manufactures increased again in June on a seasonally adjusted basis. Among the nondurable manufactures, production gains in the chemical and food groups were about offset by decreases in the apparel
and paper groups.
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
Index, 1957-59 = 100 (SEASONALLY ADJUSTED)
180
180
160
^
TRANSPO RTATION
EQUIPMENT \ ^S
»*•***
-^^^^^——i\ u.£
_
140
MACHINE RY
'"'" v/
\.***^
120
.^r^ ^tumuli"'*
- *
Mil
*v*v
,-^ »
r+»~^,-<
v
/Vy*"""
f
=:
'/ Hv
/v
A
/
100
LUMBER AND PRODUCTS
80
1 1 I 1! 1 ! ! ! I 1
1963
1962
t ! 1 1 1 f 1 1 1 I I
1964
1965
160
1JA
160
CHEMICALS, PETROLEUM,
AND RUBBER
T EXTILES, APPAREL,
AND LEATHER
\
120
120
r*/
&zz?«z&~
-
100
mm mm*"*.
^•i
t^z£^~
X
"^^
FOODS, SEVER AGES,
AND TOBAC
CO
PAPER\ND
PRINTING
80
!_1_J_J_
1962
SOURCE,
1963
1964
1 I 1 1 1 1 1 1 !!
1
1 1 1 ! 1 I 1 II 1!
! 1 1 I1 1 1 ! 1 1 1
1 I 1 1 | 1 I 11I 1
1963
1964
1965
1962
1965
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1057-59=100, seasonally adjusted]
Dumb le manufcictures
Per iod
1955
1956_
19f>7_ _
195S
118. 4
...... ___
195'.)
I960
11)01
1902
11)03
1901 '.
190-1: M a y _ .
June
_ _ _
July
AuSept
_
<)e,t,_
Nov
Dec
1905: Jan
Feb__ _ _
Mar
Apr
May
June 1
1
Primary
metals
Preliminary.
_^
..
_ _ _ _ _
_ _
_ _
1 Hi. <1
1 I 2. 2
S7. f>
loo. ^
j o i . ;-}
9S. 9
1 0-1 . 0
113. 3
128. 2
127. 1
120. 1
131. 2
1 32. 8
132. 8
131. 8
134. 0
137. 9
139.0
130. 9
140. 4
141.5
141.4
143
Nc ndurable manufactu res
FabriTranspor- Lumber Textiles, Paper Chemicals, Foods,
Machin- tation
and
cated
and
apparel,
petrobeverery
prodmetal
equipprint- leum, and ages, and
and
prod ucts
ment
leather
ing
rubber tobacco
ucts
98. 3
98. 8
101. 5
92. 9
105. 5
107. 0
100. 5
117. 1
123. 4
132. 0
130. 3
130. 0
133. 3
134.8
134. 3
130. 7
130.9
139.7
140. 0
144. 9
145. 1
147.5
147.2
147
90. 5
107. 1
104. 2
88. 8
107. 1
110. 8
110. 4
123. 5
129. 2
141. 0
138. 5
140. 1
141. 9
142. 8
144. 1
144. 7
147. 4
149. 3
150. 4
152. 3
153. 0
155.2
150.0
157
102. 0
97. 4
100.4
89. 5
104. 0
108. 2
103. 0
118. 3
127. 0
130. 7
134. 1
134.9
134.3
135. 3
130. 9
105. 3
129. 2
140. 3
141. 4
139. 7
144. 4
144. 0
147.0
149
109. 5
105.4
95. 9
95. 0
108. 5
102. 1
101. 3
100. 1
108. 9
112.7
114.9
109. 0
110. 1
114. 1
109. 7
110. 8
109. 2
105. 5
111. 9
115.0
120. 5
114.2
117.7
95. 5
98. 0
90. 9
95. 0
108. 1
107. 5
108. 4
115. 1
118. 5
124.8
123. 5
122. 9
124. 9
120.0
120. 8
128. 4
130. 2
131. 4
132. 7
132. 8
132. 7
132.0
133.5
133
92. 5
97. 1
97. 8
97. 0
105. 2
109. 0
112. 4
110. 7
120. 1
127. 5
128. 2
120. 0
128.0
127. 9
128. 2
129. 2
128. 0
131.7
131. 2
131.8
132. 9
133.5
133.4
132
80. 8
91. 4
95. 0
95. 5
108. 9
113. 9
118. 9
131. 2
141. 8
152. 2
150. 0
152. 1
152. 3
153. 0
150. 9
155.4
155. 5
158. 3
158. 8
100. 4
102. 0
100.0
100.5
102
93. 1
90. 0
90. 7
99. 4
103. 9
100. 0
110. 2
113. 3
110. 8
120. 0
120. 7
119. 5
120. 5
120. 5
120. 0
120. 9
122. 7
123. 7
123. 5
123. 2
123. 3
122.5
120.4
121
Source: Board of Governors of the Federal Reserve System.
17
WEEKLY INDICATORS OF PRODUCTION
In June, assemblies of cars and trucks averaged 4% percent lower than in May
Other weekly indicators of production displayed mixed trends.
and steel production slightly lower.
MILLIONS OF SHORT TONS (DAILY AVERAGE)
MILLIONS OF TONS
STEEL
BITUMINOUS COAL
2.0
1964
1.5
1963
1.0
\
J
F
M
A
1 1
1 1 1 1 1 !
J
M
I !
1 ! 1 1 1 1
F
ELECTRIC POWER
20.0
4r
/xV /7j
\l
v
N
D
250
~\
/
\ ^
1964
- . ^ rT
7.
A//
16.0
200
50
' J
F
M
A
M
J
J
A
S
O
A
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
Weekly average:
1958
1959
1960
1961
1962
1963
1964
1964: M a y _ _ _ _ _ _ _
June. _ _ _ _
July
Aug
Sept
Oct
Nov_ _ _
Dec ___ ___
1965: J a n _ _
Feb
Mar
Apr_ __
May_ _
June 2
_
Week ended:
1965: June 5
12
19
26 2
July 3 2 _ _ _ _
K)
O
1, 635
1, 792
1, 899
1, 880
1, 886
2, 096
2,431
2,497
2,374
2, 286
2, 374
2, 493
2,611
2,632
2, 627
2, 671
2, 716
2, 787
2, 789
2,712
2 ; 699
87. 8
96. 2
101. 9
100. 9
101. 2
112. 5
130. 5
134.0
127. 4
122. 7
127.4
133. 8
140. 2
141. 3
141. 0
143. 4
145. 8
149. 6
149. 7
145. 6
144.9
12, 082
13, 297
14, 424
15, 139
16, 325
17, 490
18, 728
17, 914
18, 948
19, 546
19, 470
18, 867
18,268
18, 685
19, 536
20, 348
20, 160
19, 728
18, 896
19,314
19, 842
1, 380
1,380
1,390
1,353
1, 414
1, 535
1,614
1,572
1,678
1,720
1,613
1,731
1,683
1,735
1, 652
1, 576
1,554
1,598
1,647
1,669
1,836
581
596
585
550
552
555
566
578
589
537
589
603
644
594
510
535
519
547
575
604
594
274
307
306
322
343
358
384
393
388
351
404
380
405
391
358
375
409
421
410
423
406
98.4
129. 5
151. 8
127.8
157.5
175. 0
178. 8
204. 9
213. 0
158. 8
64. 3
152.8
112. 1
189. 1
211. 5
243. 1
225. 7
248. 5
231. 5
244. 3
233.3
81.6
107. 6
128. 8
106. 1
133. 4
146.9
148. 8
171. 6
177. 0
131. 4
41. 5
126.6
93. 5
160. 7
180. 7
206. 8
192. 8
210.5
195. 4
206. 6
196. 1
16.8
21. 9
23. 0
21.7
24. 1
28. 1
30.0
33. 4
36. 0
27. 5
22. 9
26. 2
18. 5
28. 5
30.8
36.3
33. 0
37. 9
3(x 1
37. 7
37.2
2,747
2,692
2,740
2,685
2,645
2,615
147.5
144.5
147.1
144.1
142.0
140.4
18, 893
20, 281
19, 740
20, 452
20, 707
s 19, 708
1,810
1,813
1,816
1,861
2,065
537
612
611
617
547
454
403
430
396
394
399
282
200.3
246.4
247.5
239. 1
227.7
188.7
168.2
206.7
207.8
201.8
190.9
160.4
32. 1
39.6
39.7
37.3
36.8
28.3
Daily average. Includes data for Alaska.
Preliminary.
3 Not charted.
S
COUNCIL OF ECONOMIC ADVISERS
Electric Bituminous Freight Paperboard
Car s and tai-icks
Steel pi-oduced
power
coal mined
loaded
produced assemb led (thoiisands)
Index
Thousands
distributed (thousands (thousands
(thousands
of net
(1957-59- (millions of
of short
Total
Cars Trucks
of cars)
of tons)
tons
100)
kilowatt-hours) tons) l
Period
18
D
A
18.0
21
N
THOUSANDS
BILLIONS OF KILOWATT HOURS
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Reports.
NEW CONSTRUCTION
New construction outlays (seasonally adjusted) in June were slishtly larger than in May, reflecting a small rise in
public expenditures. Compared with a year earlier, private outlays were up about 4 percent and public down
2 percent.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS
80
SEASONALLY ADJUSTED ANNUAL RATES
70
70
TOTAL NEW CONSTRUCTION
60
60
50
50
PRIVATE
40
40
30
30
PUBLIC
\
20
20
1959
1965
SOURCE DEPARTMENT OF COMMERCE
Period
1959
1960
1961
1962*
1963*
1964*
Total new
construction
expenditures
55. 3
53.9
55. 4
59. 6
62. 8
65. 8
COUNCIL OF ECONOMIC ADVISERS
Tj
1
r ivate
Resi dential noiif arm
Total
39. 2
38. 1
38. 3
41. 7
43. 9
45. 9
Total 1
24. 3
21. 7
21. 7
24. 3
25. 8
26. 5
CommerNew
Additions cial and
housing
and al- 2 industrial
units terations
Billions of dollars
19. 2
4.3
16. 4
16. 2
18. 6
20. 1
20. 6
6. 0
7. 0
7. 5
7. 9
8. 2
9.0
Other
8.9
9. 3
9. 2
9. 5
9.9
10. 4
Federal,
State,
and
local
16. 1
15. 9
17. 1
17. 9
18. 9
19.9
65. 5
66.4
66. 4
65. 5
66. 0
64. 9
65. 2
66. 2
66. 1
66. 9
67. 6
67. 6
67. 3
67. 7
46. 1
46.2
46. 1
45. 5
45. 6
45. 3
45.4
45. 7
46. 3
46. 8
47.2
47. 5
47. 9
47. 9
26. 8
26. 6
26. 6
26. 3
25.9
25. 7
25. 6
26. 0
26. 7
26. 7
26. 6
26. 7
26. 9
26. 8
20. 8
20. 7
20. 6
20. 3
20. 0
19.8
19.8
20. 2
20.8
20. 9
20. 7
20. 8
20. 9
20. 8
1
Includes nonhousekeeping residential construction, not shown separately.
a3 Not available for revised series beginning 1960.
Compiled by F. W. Dodge Corporation and relates to 48 States.
< Preliminary.
8. 9
9. 0
8.9
8. 9
9. 0
9. 1
9. 2
9.3
9.5
9. 6
9. 8
10. 1
10.3
10.4
105. 1
105. 2
107. 6
119. 7
132. 0
137. 0
Seasonally
adjusted
Sea sonally adyj.sted annucil rates
1964*: May
June
July
Aug —
Sept
Oct
Nov
Dec ___
1965*: J a n _ _ _ _
Feb
Mar
Apr. 4
May _ _ _
June 4
Constructiori contracts 3
CommerTotal value cial and
(index,
industrial
1957-59 = floor space
100)
(millions of
square feet)
10.4
10.6
10. 6
10.4
10. 6
10. 5
10. 5
10. 5
10.2
10.6
10. 7
10. 8
10. 7
10. 7
19. 5
20.2
20. 3
20. 0
20. 4
19.6
19. 8
20. 5
19. 7
20. 0
20.4
20. 0
19. 5
19. 8
138
138
140
121
131
136
143
154
137
140
141
152
145
440
461
443
500
534
598
Seasonally
adjusted
annual
rates
555
574
631
573
617
645
595
707
638
697
648
771
674
*Beginning 1962, data revised. See Construction Reports, C80-65-6, Ccmus
Bureau, June 1965.
NOTE.—Data for Alaska and Hawaii included beginning January 1959.
_ _^
Sources: Department of Commerce and F. W. Dodge Corporation.
^^
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm starts and units in permits issued (both seasonally adjusted) changed little in June and were about
5 percent lower than a year earlier. FHA starts were about the same as a year earlier, but applications were down
somewhat.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
2.5
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA), VETERANS ADMINISTRATION (VA)
[Thousands of units]
I
Hoiising star ts
Tnf «1
Period
1959
1960
1961
1962
1963
1964
1964: MayJuneJuly_
Aug__
Sept_
Oet__
Nov_
Dec__
1965: Jan..
Fcb..
Mar
Apr..3
May
June3
Prh^ate nonfa rm
private
and
public
(including
farm)
1, 553. 5
1, 296. 0
1, 365. 0
1, 492. 4
1, 640. 9
1, 590. 8
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1, 557. 4
1, 494. 6
1, 230. 1
1, 284. 8
1, 439. 1
1, 581. 7
1,530.4
158.3
164. 9
146. 0
145. 7
127. 4
146. 1
114. 6
98. 3
85. 6
87. 9
124. 9
154.9
162. 1
156. 9
155.4
159. 4
143. 5
142. 3
124. 0
144. 0
112. 0
96. 7
81. 5
85.4
120. 7
152. 2
157. 5
151. 9
153. 0
156.7
141.2
139. 7
121. 9
141.4
109.9
94. 8
80. 1
84. 7
118. 8
150. 1
155. 1
149. 3
Total
private
(including
farm)
Total
Two or
more
families
1, 211. 9 282. 7
972. 3 257. 8
946. 4 338. 4
967. 8 471. 3
993.2 588. 5
944. 5 585. 9
Onefamily
96.3
99.3
89. 6
87. 5
77.0
89. 3
67. 3
56. 7
50. 4
50. 7
74. 8
97. 7
101.2
Total
private
(including
farm)
1, 516. 8
1, 252. 1
1, 313. 0
1, 462. 8
1, 609. 2
1, 557. 4
56.7
57.4
51. 6
52.2
44.9
52. 1
42. 6
38. 1
29. 7
34. 0
44. 0
51. 8
50.2
1
Authorized by issuance of local building permit; in 10,000 permit-issuing
places
prior to Iflftf, and 12,000 or more thereafter.
2
Units
represented by mortgage applications for new home construction.
s
Preliminary.
20
1,518
1,621
1, 500
1, 513
1,445
1, 522
1, 505
1,610
1,442
1,482
1, 489
1, 552
1,516
1,531
Priv ate nonfoirm
Total
Gover nment
home pi"Ograms
VA
FHA
1,494. 6 307. 0 109. 3
1, 230. 1 225. 7
74. 6
1, 284. 8 198. 8
83. 3
1, 439. 1 197. 3
77.8
71.0
1, 581. 7 166. 2
59.2
1, 530. 4 154.0
Se<is on ally ad j usted
174
61
1,496
152
1, 593
60
56
1,475
145
142
1,489
52
1,422
136
52
146
50
1,495
152
1,480
57
1, 575
53
151
1, 417
69
168
171
69
1,468
1,465
166
59
1,532
147
51
1,501
56
160
1,504
154
54
Proposeid home
constr notion
New
private
Applicahousing
RIM 1 ucsts
units tions for for VA
FHA
authorappraisized l commitals 2
ments 2
1, 208. 3
369. 7
242. 4
998. 0
1, 064. 2
243. 8
221. 1
1, 186. 6
1, 334. 7
190. 2
182. 1
1, 285. 8
annual ra tes
1, 280
173
177
1,305
1,264
162
176
1, 285
1, 243
174
1, 236
183
194
1, 256
193
1, 195
202
1,280
1, 224
203
1,269
184
1, 187
190
1,240
183
1, 241
155
234. 0
142. <J
177. 8
171. 2
139. 3
113. 6
99
103
109
88
121
112
118
118
113
124
110
95
109
93
NOTE.—Census series for 1964 revised. See Housing Starts, C20-65-5, May 1965
Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (FHA),
and Veterans Administration (VA).
BUSINESS SALES AND INVENTORIES—Total and Trade
According to the advance report, seasonally adjusted retail sales in June were down slightly from May's record total,
but were 7 percent above a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED]
112
RETAIL TR/\DE
BUSINESS SALES AND INVENTORIES
108
(SEASONALLY ADJUSTED)
(ENLARGED SCALE)
DURABLE G(DODS STORES
INVENTORIES
104
INVENTORIES
X
,i—i i ^
100
-~^-H
96.
SA IF*;
^^«»<*«
f»J
76
^-^
SALES
68
NONDURAf LE GOODS STORl S
64
18
-*^x^
^^^^
_ WHOLESALE TRADE
-*"
INVENTORIES
(ENLARGED
—
**
SALES
-
I
1962
1965
1963
1963
1962
1964
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
Total b usiness l
Whol 3sale 4
Sales
Sales
Period
t i » t i 1 1 i i i i1
1965
2
Inventories 3
Sales
2
Inventories 3
Total
2
Re tail
5
[nventories
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
3
Nondurable
goods
stores
Millions of dollars, seasonall y adjustec1
1957
1958
1959
1960
1961
1962
1963
1964
1964: Apr
May
June
July
Aug
Sept__
Oct
Nov
_
_ _
Dec
1965: Jan
Feb
Mar
Apr
May °__ _ _
June c _ __
55, 878
54, 232
59, 583
60, 530
60, 747
65, 078
68, 002
72, 647
71, 787
72, 660
72, 187
73, 693
__ _ 73, 204
73 , 358
_ _ 72,131
73, 371
76, 277
75,913
75, 956
77,815
77, 529
_ _ 77, 889
89, 052
86, 922
91, 964
94, 610
95, 576
100, 271
105, 127
109, 026
106, 371
106, 507
106, 621
106, 634
106, 716
107,323
107,367
108,093
109, 026
110, 012
110,329
111,316
112, 166
112, 567
10, 475
10, 257
11, 413
11, 440
11, 629
12, 158
12, 692
13,715
13, 228
13, 697
13, 623
13, 795
13, 770
13,792
13,937
14, 196
14, 178
14, 128
13, 946
14, 725
14, 620
14, 644
12, 730
12, 739
13, 952
13, 983
14, 251
14, 580
15, 597
16, 461
15, 879
16, 053
16, 043
16, 017
15, 986
16,222
16,276
16, 384
16,461
16, 774
16, 867
17, 064
17,216
17, 234
1
The term "business" here includes wholesale, retail, and manufacturing trade
(see page 22).
2 Monthly average for year and total for month.
* Book value, end of period, seasonally adjusted.
< Beginning 1961, data include Alaska and Hawaii.
8
6
16, 667
16, 696
17, 951
18, 294
18, 234
19, 613
20, 536
21,802
21, 392
21, 777
21, 773
21, 935
22, 266
22,254
21,383
21, 661
22, 781
22, 900
23,317
22, 805
22, 865
23, 375
23, 294
5, 696
5, 284
5, 972
5, 894
5,608
6, 245
6, 675
7,093
7, 010
7, 218
7, 002
7, 060
7,324
7,541
6,496
6, 695
7,645
7, 855
7,966
7,669
7, 550
7,715
7,687
10, 971
11, 412
11, 979
12, 400
12, 626
13, 367
13, 861
14, 709
14, 382
14, 559
14, 771
14, 875
14, 942
14,713
14,887
14, 966
15, 136
15, 045
15, 351
15, 136
15,315
15, 660
15, 607
24, 451
24, 113
25, 305
26, 813
26, 238
27, 938
29, 383
29, 621
29, 961
29, 926
30, 180
30, 129
29, 967
30,082
29,314
29, 332
29, 621
30, 025
30, 080
30, 544
30, 951
31, 077
11, 283
10, 526
11, 044
11, 951
11, 019
11, 728
12, 509
12, 220
13, 045
13, 024
13, 079
12, 924
12, 762
12,867
12,076
12, 066
12, 220
12, 583
12, 703
13, 078
13,311
13, 483
13, 168
13, 587
14, 261
14, 862
15, 219
16, 210
16, 874
17, 401
16, 916
16, 902
17, 101
17, 205
17, 205
17,215
17, 238
17, 266
17, 401
17, 442
17, 377
17, 466
17, 640
17, 594
Beginning 1960, data include Alaska and Hawaii.
Preliminary.
Source: Department of Commerce.
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
The aircraft and steel industries contributed heavily to the $900 million drop (seasonally adjusted) in manufacturers*
new orders during May.
Shipments declined $175 million, while inventories rose $260 million. As a result, the
inventory-shipments ratio inched up to 1.61.
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
MANUFACTURERS' SHIPMENTS
MANUFACTURERS' INVENTORIES
40
30
DURABLE GOODS
20
MANUFAC1fURERS' NEW ORDERS
>v
DURA BLE GOODS
20
^/^W/
~/\
tH'tnt'**"""111*
""^^V-v^S/l
'•»»!*
...Illlll^'XllllIlUti^
A
NO NDURABLE GOO )S
~
10
1963
1962
1964
1965
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
Manufac turers' sh ipments l Manufact /urers' inv entories 2
•
Total
28, 736
1957
27, 280
1958
1959
30, 219
30, 796
1960
30, 884
1961
33, 308
1962
34, 774
1963
1964
37, 129
37, 167
1964: Apr
37, 186
May
June- .. - 36, 791
37, 963
July
37, 168
Aug
37, 312
Sept
Oct
36,811
Nov_ _ _ 37, 514
Dec
39,318
1965: Jan_
38, 885
38, 693
Feb
Mar
40, 285
Apr 4
40, 044
39, 870
May
NonDurable durable
goods
goods
15, 237
13, 572
15, 544
15, 817
15, 532
17, 184
18, 071
19, 231
19, 359
19, 138
19, 023
19, 861
19, 164
19, 284
18, 633
19,291
20, 559
20, 415
20, 374
21, 284
20,915
20, 573
13, 499
13, 708
14, 675
14, 979
15, 352
16, 124
16, 704
17, 898
17, 808
18, 048
17, 768
18, 102
18, 004
18,028
18, 178
18, 223
18, 759
18, 470
18,319
19, 001
19, 129
19, 297
21 Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
3
Total
Millions
51, 871
50, 070
52, 707
53, 814
55, 087
57, 753
60, 147
62, 944
60, 531
60, 528
60, 398
60, 488
60, 763
61,019
61,777
62, 377
62, 944
63, 213
63, 382
63, 708
63, 999
64, 256
NonDurable durable
goods
goods
of dollars
31, 728
30, 095
31, 839
32, 360
32, 646
34, 326
36, 028
38, 412
36, 277
36, 300
36, 492
36, 597
36, 790
37, 037
37, 517
38, 040
38,412
38, 495
38, 692
38, 972
39, 233
39, 449
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
22
Ma nufacture rs' new orde rs
l
Durat le goods
Total
Total
seasonal] y ad juste d
20, 143 27, 514 14, 073
19, 975 26, 901 13, 170
20, 868 30, 679 15, 951
21, 454 30, 115 15, 223
22, 441 31, 061 15, 664
23, 427 33, 167 17, 085
24, 119 35, 036 IS, 300
24, 532 37, 697 19, 803
24, 254 38, 184 20, 461
24, 228 37, 893 19, 945
23, 906 37, 782 20, 016
23, 891 39, 315 21, 254
23, 973 37, 509 19, 342
23, 982 38, 018 19, 907
24, 260 37, 846 19, 623
24, 337 37, 720 19, 454
24, 532 39, 590 20, 720
24, 718 39, 704 21,271
24, 690 39, 469 21. 130
24, 736 40, 712 21,714
24, 766 41, 120 22, 043
24, 807 40, 220 21, Oil
< Preliminary.
Source: Department of Commerce.
NonMachinery durable
and
goods
equipment
2, 5G6
2, 354
2, 878
2, 791
2, 854
3, 090
3, 326
3,706
3,610
3, 929
3, 916
3, 774
3,772
3,686
3,786
3, 882
3,917
3,958
3, 799
4,024
4,078
4,085
13, 441
13, 731
14, 728
14, 892
15, 397
16, 082
16, 736
17, 895
17,723
17, 9-18
17, 766
18, 061
18, 167
18, 111
18, 223
18, 266
18, 870
18, 433
18, 339
18, 998
19, 077
19, 209
Manufacturers'
t-oryshipratio 3
1. 80
1. 84
1. 70
1. 76
1. 74
1. 70
1. 69
1.64
1. 63
1. 63
1. 64
1. 59
1. 63
1. 64
1.68
1. 66
1.60
1. 63
1.64
1. 58
1.60
1. 61
MERCHANDISE EXPORTS AND IMPORTS
Exports and imports declined further in May as the strike backlog was reduced and foreign trade returned to more
normal levels. The trade surplus dropped to $479 million as exports fell more than imports.
BILLIONS OF DOLLARS
3.0
BILLIONS OF DOLLARS
3.0
1.0
1965
1959
JL/SEE NOTE 1 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars)
Merchandise
Total ( includ-1
Gener al 2i ra]Domesti c expoi Is
trade
Impo rts for consum ption
;
ports)
ing ree?
poi ts
Indus- Finished surplus,
Indus- Finished
Season- Unad- Total i Food- trial
manu- Season- Unad- Total 4 Food- trial manu- seasonally adally adally ad- justed
facstuffs matestuffs matefacjusted
justed
tures
rials
rials tures l justed justed
M erchandi se expo rts
M erchandi se imports
3
Period
Montliiv average:
1957
1958
1959
1960__ _ _
1961
1962
1963
1964
1, 625
1, 364
1, 366
1, 633
1, 679
1, 745
1,869
2, 135
1, 611
1, 351
1, 352
1, 617
1, 659
1, 723
1,839
2, 102
1964: Apr_ _ _ 2 061
May
2 062
June
2 034
Julv
2 128
2 109
Aug
Sept _ _ 2 285
2 155
Oct
Nov
2 197
Dee_ _ _ 2 480
1965: Jan
1 217
Feb
1 593
Mar __
2 758
Apr
2 880
May
2 278
2, 138
2,221
2,047
2,046
1, 900
2,085
2,259
2, 183
2,561
1,188
1,514
2,892
2,529
2,381
2,093
2, 184
2, 008
2, 020
1,868
2,058
2,226
2, 158
2,526
1,171
1,491
2,860
2,502
2,351
872
784
776
877
919
530
368
366
510
486
440
488
576
1,002
1, 031
1, 170
U nadjust ed
367
531
552
378
308
549
294
586
308
515
348
569
367
638
390
615
399
738
1, 186
1, 243
1, 143
1, 134
1, 045
1, 141
1,221
1, 154
1,389
208
198
210
230
254
281
314
352
1
Total exports less Department of Defense shipments of grant-aid military
supplies
and equipment under the Military Assistance Program.
3
Imports
for immediate consumption plus entries into bonded warehouses.
8
Imports for immediate consumption plus withdrawals for consumption from
bonded warehouses.
1,541
1,589
1,518
1, 578
1,575
1,546
1,548
1, 698
1, 642
1, 206
1, 600
1,869
1,885
1, 799
534
489
569
539
522
561
574
619
294
326
431
438
423
496
533
611
520
259
64
382
453
379
440
578
U nadjust ed
342
611
581
297
632
303
294
659
280
625
614
320
628
351
620
379
671
366
553
156
603
556
642
662
585
634
665
656
684
429
520
522
516
545
584
689
607
499
788
11
1, 105
1, 105
1, 302
1,251
1, 226
1,366
1, 428
1,557
1, 102
1, 101
1,284
], 251
1,221
1, 354
1,417
1,550
1, 561
1,456
1, 594
1, 611
1,491
1,562
1,613
1,672
1,755
1, 113
1,464
2,040
1,855
1,724
1, 554
1,432
1, 575
1,613
1,490
1, 568
1,644
1,655
1,720
1, 138
1,489
1,999
1,821
1, 720
274
288
285
274
277
297
310
320
0
88/,
5J,6
47!)
* Data through 1960 have been adjusted to include imports of uranium ore.
NOTE.—Series revised beginning 1963. Because of revisions, subgroups do not
include all data in totals.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The balance on goods and services fell $2.7 billion at a seasonally adjusted annual rate, in the first quarter of 1965.
The shipping strike led to a 16 percent drop in merchandise exports which was only partially offset by lower imports.
Investment income/ however, was substantially larger.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY
ADJUSTED ANNUAL RATES
EXPORTS OF GOODS AND SERVICES
\
30
30
20
20
7
IMPORTS OF GOODS AND SERVICES
10
' 0
1959
1962
1961
1960
1964
1963
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF CO/AMERCE
Period
Total
1965
[Millions of dollars]
E>rports o f goods tind serv ices
Incorric on
Addendum:
invesd nents
Goods and
OMier
services
MiliMerfinanced
servchan-l
tary
PriGovvate
ices
dise
sales
bv Govt.
ernment
Krauts and
Impor ts of good s and sen/ices
Bal-
Tutal
Merchandise '
ance
Milion
Other goods
tary
expend- servitures
ices serv-
capital
1957
1958
1959
1960*
1961*
1962*
1963*_
1964*
_
. _
26, 481
23, 067
23, 476
27, 244
28, 557
30, 278
32, 353
37, 017
19, 390
1 6, 264
16, 282
19, 4S9
19, 936
20, 604
22, 069
25, 288
375
300
302
335
402
056
659
762
2,
2,
2,
3,
3,
3,
4,
5,
012
538
094
001
501
95-1
150
003
205
307
349
349
380
471
49S
454
3,
3,
3,
4,
4,
899
05S
849
070
27S
4, f><):5
4, 971
5, 510
(2)
(2)
(2)
2, 239
2, (KS 7
2, 92S
3, 420
:i, :wo
20,
20,
23,
23,
22,
2f>,
20,
2S,
752
SOI
342
177
924
12!)
430
457
i:i, 291
1 2, 952
15, 310
14, 7.T2
14, f>07
a, 2 Mi
a, 04 s r>. a 97
9f> 1 f>, -KiJi
(ITS r>, s?s
929 o, r>ir>
IS, ( \ \ \ )
2,
:<,
2,
2,
10, 17:*
10. 9U2
4, 245
3, 435 4, 474
3, 107 4, 925
S24
7, 014
r>, 72'.)
2, 200
!M-J
4. 007
r>. o;u
r>, ( 14'j
A, .)17
s, r»r»o
Seaso mlly adj usted aniiua 1 rates
1964:* I
II
III
IV
36, 336
35, 964
37, 340
38, 428
24,
24,
25,
26,
596
268
528
760
776
764
672
836
5, 064
5, 052
5,040
4, 856
520
528
528
240
1965: I
34, 800
22, 356
716
5,668
556
1
Adjusted
2
from customs data for differences in timing and coverage.
Not available.
24
5,572
5, 736
3,
3,
3,
3,
24S
3SO
496
436
27, 512
28, 244
28, 544
29, 52S
17, 040
IS, 390
IS, S36
19, 004
2, 92S
2, SSO
2, 704
2, 724
944
90S
944
200
7, 720
8, 790
8, 900
5, 504
3,032
28, 604
18, 052
2, 656 7, 290
6, 1%
5, 380
5, 352
*Data revised beginning 1960.
Source: Department of Commerce.
0,
0,
0,
7,
S, S24
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on regular transactions declined to a seasonally adjusted annual rate of $2.9 billion in the first
quarter—down more than half from the previous quarter and somewhat below the 1964 rate. This improvement,
stemming in part from special balance of payments measures adopted in mid-February, was limited by the temporary
decline in the merchandise surplus. The gold outflow during the quarter was the largest since the end of 1960.
BILLIONS OF DOLLARS
20
BILLIONS OF DOLLARS
20
SEASONALLY ADJUSTED ANNUAL RATES
BALANCE ON GOODS AND SERVICES
\
BALANCE ON OTHER
REGULAR TRANSACTIONS
-10
-10
-20
-20
1
I
I
I
!
I
I
I
I
I
t
I
I
{
I
I
1
I
10
!
BALANCE ON REGULAR TRANSACT ONS [SURPLUS OR DEFICIT
(-)]
I
LJULJU uuuu UUU U u-uy y y
1
-10
i
1
I
1
1
1960
1959
1
1
1
1
i
1962
1961
1
1
H
y m m m ij
1
H
I
i 1964i i
i
1963
SOURCE: DEPARTMENT OF COMMERCE
i
i
i
J-io
1965
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
U.S. pi ivate capi tal, net
Period
1957
1958
1959
1960*___
1961*___
1962*___
1963*___
1964*___
1964:*
I
II
m___
IV
1965:
I
U.S.
Government
Direct
grants
investand
capital,
ment
net i
-2, 574
-2, 587
-2, 421
-2,781
-3,396
-3,547
-3,813
-3,636
-3,252
-3,552
-3,684
-4,056
Longterm
port-2
folio
Shortterm
Foreign
capital,
net 3
Errors Balance Selected
and
on
special
regular Governunrement
corded
transtrans- actions 4
trans- 5
actions
actions
— 2, 442
-276
487
-859
1, 157
22
-1, 181 -1, 444
-311
488
-1,372
— 77
412
-926
863
-1,674
341
-863 -1,348
-988
622 - 1, 045
- 1, 599 -1,025 -1,556
-1,654 -1,227
— 544
153 -1, 197
-1,976 - 1, 695 -785
303
-401
432
-2,
111
-2,376 -1,975
-1, 161
Scjasonally iid justed a nnual rat es
-1,856 -1,096
2,356
56 -1, 152
-2, 160 — 1, 024 — 2, 192
448
-608
- 2, 204 - 2, 448 -1, 624
784 -1, 164
-3,284 -3,332 -2, 272
440 - 1, 720
-3,256 -4,012 -2,736
1, 152
984
Includes balance on goods and services (page 24) as well as net pensions and
remittance payments ($839 million in 1964).
* Includes official debt prepayment, advances on military exports, and net
sales of those nonmarketable, medium-term, nonconvertible securities not
included
under foreign capital.
6
Includes short-term official and banking liabilities and foreign holdings of
U.S.
Govt.
bonds and notes (other than nonmarketable, nonconvertible).
7
Central banks and governments.
- 1, 668
-2, 180
-2,372
- 6, 204
— 2,932
-376
1
Includes associated Govt. liabilities and scheduled loan repayments.
2
Includes banking claims.
s
Other than liquid funds; includes miscellaneous Govt. nonliquid liabilities.
4
520
-3,529
-4, 178
-3,918
-3,071
-3,605
-3,287
-3, 106
8
435
37
701
1,402
617
308
160
-37
185
65
Chang es in selec ted liabilities (decrease (-)) 6
To f orei^pi official
hold
Special
To
nonother
marketforeign
able, con- Other holders 8
vertible
bonds
and notes
20
625
735
502
1,248
1,460
1,449
289
681
1,083
457
213
703
970
619
375
698
1,554
Quarterly , totals uii ad jus ted
-400
227
122
114
93
562
203
186
50
819
651
51
-912
170
Changes
in gold,
convertible
currencies, and
IMF
gold
tranche
position
(increase
(-))
-1,165
2,292
1,035
2, 143
606
1,533
378
171
-51
303
70
-151
9842
Private holders; includes banks and international and regional organizations.
Excludes liabilities to IMF relevant to U.S. gold tranche position.
9
On March 31, U.S. reserve assets consisted of gold stock, $14,639 million (down
$832 million from Dec. 31): IMF position, $701 million; convertible currencies,
$490 million.
*Data revised beginning 1960.
NOTE.—Data exclude military grant aid and U.S. subscriptions to IMF.
Source: Department of Commerce.
r\%*
PRICES
CONSUMER PRICES
Sharp increases in the prices of food and nondurable commodities—0.6 and 0.4 percent, respectively—caused the
over-all index of consumer prices to increase 0.3 percent in May for the second straight month. Service prices rose
0.2 percent, and durable commodities prices fell 0.1 percent.
Index, 1957-59=100
120
Index, 1957-59 = 100
120
100
100
95
95
1959
J_/$EE NOTE BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1957-59=100]
Services
Co mmoditie 3
All
items
Period
1954
1955
1956
_
1957. _ _ _ _ _
1958
1959
1960
1961
1962
1963
19641
1964: Apr
May__
___
June _ _ _ _
__
Julv
Aug _ _ _
Sept_
Oct
Nov __ _
Dec
1965: Jan
Feb
Mar
Apr
May__ _
___
___ _
-_
93. 6
93. 3
94. 7
98. 0
100. 7
101. 5
103. 1
104. 2
105. 4
106. 7
108. 1
107. 8
107. 8
108. 0
108. 3
108. 2
108. 4
108. 5
108. 7
108. 8
108.9
108.9
109.0
109.3
109. 6
All commodities
95. 5
94. 6
95. 5
98. 5
100. 8
100. 9
101. 7
102. 3
103. 2
104. 1
105. 2
104. 9
104. 8
105. 0
105. 3
105. 2
105. 4
105. 5
105. 6
105. 7
105.6
105. 5
105.6
105. 9
106.2
Co mm odities les s food
Food
95.4
94, 0
94. 7
97. 8
101. 9
100. 3
101. 4
102. 6
103. C
105. 1
106. 4
105. 7
1 05. 5
106. 2
107. 2
106. 9
107. 2
106. 9
106. 8
106. 9
106.6
106. 6
106.9
107. 3
107. 9
1
See note.
NOTE.—Prior to January 1964, indexes revised to reflect transfer of homeownership from services to durable commodities.
26
NonDurable durable
All
94. 4
97. 1
95. 6
94. 4
94. 9
95. 3
95.4
96.
5
95. 9
99. 1
98. 5
98. 8
100. 0
99. 8
99. 9
101. 0
101. 5
101. 2
102. (»
100. 9
101. 7
103. 2
100. 8
102. 0
in:;, s
101. S
102. 8
101. S
102. 1
103. f>
1 03. 0
1 05. 7
104. 4
102. D
105. C)
104. 3
105. 7
102. S
104. 3
102. 9
105. 6
104. 3
105. C)
102. 9
104. 3
105. 6
1 02. 8
104. 2
102. 8
105. 8
104. 3
106. 0
104. 6
103. 1
104. 8
106. 1
103. 5
103.4
106. 3
104. 9
103.6
106. 1
104.9
103.3
106. 1
104. 7
103.2
106.2
104.8
103. 0
106.8
105. 0
102.9
107.2
105. 2
All
services
88. 7
90. 5
1)2. S
DC. 6
loo. :;
103. 2
.IOC.
108.
1.10.
1 3.
6
S
1)
0
i r>. 2
1 •!. (S
1 -1. .)
1 1 5. 1
1 1 5. 3
115. 4
1 1 5. 5
115. 7
1 1 6. 0
116. 2
116.6
116.9
117.0
117.3
117.5
Rent
93. 5
9-1. 8
DC). 5
D8. :;
100. 1
101. C)
l():i !
101. •!
l(). r ). 7
IOC). S
107. S
107. 7
107. 7
H)7. S
107. S
107. D
107. D
108. 2
108. 3
108. 4
108.4
108. 5
108.7
108.8
108.8
Services
less
rent
87. 4
SD. 4
Dl. D
DC). 1
H)0. 2
103. C>
107. -1
110. 0
12. 1
1-1. 5
17. 0
Hi. f)
1C), (i
1 C). S
17. 0
1 7. 2
117. 4
117. C
117. D
118. 2
118.6
118. 9
119. 1
119. 3
119. 5
Beginning with January 1964, new index with revised weights, coverage, and
sampling procedures. For details, see Department of Labor release, Major
Changes in the Consumer Price Index, March 3, 1964.
Source: Department of Labor.
WHOLESALE PRICES
For the second straight month, increases in the prices of farm products and processed foods, which rose 1.9 and 2.5
percent, respectively, contributed to a sharp increase of 0.7 percent in the over-all index of wholesale prices in June.
Industrial prices rose 0.1 percent.
Index, 1957-59 = 100
Index, 1957-59 = 100
COMMODITIES OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIALS)
95
90
90
I
1959
1964
SOURCE: DEPARTMENT OF LABOR
I
1965
COUNCIL OF ECONOMIC ADVISERS
[1957-59=100]
All
commodities
Period
1957
1958
1959
1960
1961
1962
1963
1964
1964: Mar
Apr __
May
June
July
Aug
Sept
Oct__
Nov
Dec
1965: J a n
Feb
Mar
Apr
May.
June 3
_
__
— _
____
_
_
___ __
_
___ __
_ _
_ _ _
__ _ _ _ _ _
__
_
_ __ _
_
_ __
( (
J J. 0
100. A
100. (>
100. 7
100. 3
100. (')
100. 3
100. 5
100.4
100. 3
100. 1
100.0
100. 4
100.3
100. 7
100. 8
100. 7
100. 7
101.0
101. 2
101. 3
101.7
102. 1
102. 8
Farm
products
Processed
foods
91). 2
103. 6
97. 2
96. 9
96. 0
97. 7
95. 7
94. 3
95. 2
94.4
93. 7
93. 2
94. 1
93. 6
95.7
93.8
94. 0
92. 7
93.0
94. 5
95. 4
97.6
98. 4
100. 3
97. I)
102. 9
99. 2
100. 0
100. 7
101. 2
101. 1
101. 0
i oo. r>
1 00. 4
99. 4
100. 2
101. 2
101. 0
102. 2
101. 7
100. 9
100. 8
102.2
102. 1
101. 8
102.3
103.3
105.9
1 Coverage of the subgroups does not correspond exactly to coverage of this
index.
2 Excludes intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, grain products for further processing.
Commodil ies other 1 lian farm Droducts aind foods (iiidustrials)
Consun ler finIndusIndusished gc)ods extrial in- Productrial
All iner
fincludin g food
dustricrude termediDurNonals 1
mate- ate ma-2
goods
terials
durable
rials
able
1)9. 2
1)9. 5
101. 3
101. 3
100. 8
100. 8
1 00. 7
101. 2
101. 1
101. 1
101. 1
100. 1)
101. 1
101. 1
101. 1
101. 5
101. 6
101. 8
101.9
101. 9
102. 0
102. 1
102. 3
102.4
100. 1)
96. 9
102. 3
1)8. 3
97. 2
D5. ()
1)4. 3
1)7. 1
95. 2
1)6. 2
1)5. (5
1)5. 1)
1)6. 6
98. 3
98. 1
99. 1
99. 8
100. 6
99.0
99.4
99. 7
100.1
101. 0
100. 5
99. 6
99. 4
101. 0
101. 4
100. 1
99. 9
99. 6
100. 2
100. 2
100. 2
100. 1
91). 9
100. 0
100. 0
1)9. 9
100.4
100. 5
100. 6
100.8
100.8
100.9
101.1
101. 4
101. 5
97. 7
100. 2
102. 1
102. 3
102. 5
102. 9
103. 1
104. 1
103. 8
103. 9
104. 3
104. 1
104. 3
104. 3
104. 2
104. 3
104. 6
104. 5
104.9
105. 0
105. 1
105.3
105. 3
105.4
98. 7
100. 1
101. 3
100. 9
100. 5
100. 0
99. 5
99. 9
99. 6
99. 7
100. 1
100.0
100. 1
99.9
99. 9
100. 0
99. 9
99. 9
99.8
99. 7
99. 7
99.7
99.6
99.7
99. 9
99. 3
100. 8
101. 5
101. 5
101. 6
101.9
101. 6
101.5
101. 1
101.3
101. 2
101. 5
101.4
101. 0
101. 6
101.9
102. 1
102.3
102.2
102.2
102.2
102. 5
102. 6
3
Preliminary.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended June 15, prices received by farmers were up 2 percent from their levels in May, while prices
paid by farmers were unchanged. The parity ratio increased 1 point.
Index, 1957-59 = 100
PRICES
..._.
PAID,
INTEREST, TAXES, AND
WAGE RATES
80
i—-—^——?-"*r-^*^
M—*^
-^'^^
4
v
80
^^A^'-'-s^;
**'*"''.
J.M,
%/
;
:
!
!
1
!
I
I
1
1
!
1
I
1
1
1
!
1959
1
I
1
1
1
1
1
I960
1
|
!
1
1
1
t
1
t
1
1
1
!
1
1
1 I
1 I
1962
1961
1
1
1
I
: I
1 ' !
1
1
1
1
I
1
1
!
1
1 1 1 1 .1
1963
I
!
1 1
1
1
1
1
!
1 !
1
1964
f
I I I
TO
1 I
1965
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID,
::-iTEREST, TAXES, AND WAGE RATES, ON 1910- 14 = 100 BASE.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
Prices i•eceived by r armers
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: May 15
June 15
_ _
July 15
Aug 15
Sept 15 _
_
Get 15
Nov 15
_
_ _
Dec 15
1965: Jan 15
_ _ _ _ _ _ _ _
Feb 1 5 _ _ - - _ _
Mar 15
Apr 15
May 15_ _ _ _ _ _. _ __ _
.June 15
All farm
products
96
95
97
104
99
99
99
101
100
98
98
96
97
06
98
98
97
97
98
98
99
101
104
106
Crops
104
105
101
100
99
99
102
104
107
106
111
108
104
101
103
104
105
105
105
105
106
109
111
109
1
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxo-?, and wa?e rates, on 1910-14=100 base.
28
Price B paid by fa rmers
All items,
interest,
taxes, and
wage rates
Index, 195 7-59=100
Livestock
and
products
90
88
94
106
100
98
98
99
95
91
87
87
91
92
95
93
91
91
92
93
93
95
99
103
94
95
98
100
102
102
103
105
107
107
107
107
107
107
107
107
107
107
108
109
109
109
110
110
Family
living
items
95
96
99
100
101
102
102
103
104
105
105
105
105
105
105
105
105
105
106
106
106
106
108
107
Source: Department of Agriculture.
Production
items
96
95
98
100
102
101
101
103
104
103
103
103
303
103
103
103
103
103
104
104
104
105
106
106
Parity
ratio *
84
83
82
85
82
80
79
80
78
76
75
74
7f>
74
76
76
75
75
74
75
75
70
78
79
MONEY SUPPLY
According to the new series that incorporate several revisions, the daily average money supply (seasonally adjusted)
rose by $1.8 billion in June, wiping out the May decline. The June money supply was 4 percent above a year
earlier while time deposits were about 15 percent above June 1964.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
\ 160
1959
I960
1961
1962
1963
I
1964
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. BOARD OF GOVE
[Averages of daily figures, billions of dollars]
M oney supj)ly
Period
Total
Currency
outside
banks
M oney supy>ly
De-
mand
de-
posits
Time
de-
posits
Total
Currencv
outside
banks
Season all v adjustec
1959 :
1960:
1961 :
1962 :
1963:
1964:
1964:
Dec
Dec
__
Dec
Dec
Dec
__
Dec
Mar
June
Julv
Aug
.
Sept
__
. _
Oct
. . _ .
Nov _ _ _ _ - .. . . . . .
Dec
1965: Jan
_
Feh
__
. .
Mar..
_ .
Apr
Mav
June
1
2
2
_
Deposits at nil commercial banks
Preliminary.
_ _
M l . <>
111. 1
H5. 5
i 47. 5
L ;}. j
1,9. 7
iri. 5
:i . r>. 5
i , 6. ()
1T7. 1
1 , 8. 2
1 . 8. S
159. 1
159. 7
160. 0
159. 7
160. 3
161. 1
160. 0
161. 8
'>H
2S.
29.
JO.
> 2.
54.
9
9
6
6
5
2
JO. 3
'>:>. 4
33. 6
33. 8
33. 9
34. 0
34. 2
34. 2
34. 5
34. 7
34. 7
34. 7
34. 9
35. 0
1 1;;. i
112. 1
116. 0
116. 9
120. 6
125. 4
121. 2
122. 1
123. 0
123. 3
124. 3
124. 8
124. 8
125. 4
125. 5
125. 1
125. 6
126. 4
125. 1
126. 8
U.S.
De-
Time
de-
posits
mand
posits
de-
1
Government
de-
mand
de-
posits!
Unad juste d
67. 4
72. 9
82. 7
97. 8
112, 2
126. 6
117. 3
118. 5
119. 4
121. 0
122. 1
123. 5
125. 1
126. 6
128. 8
131.0
132. 1
133. 5
134. 6
135. 9
145. 6
144. 7
149. 4
151. 6
157. 3
164. 0
152. 2
153. 4
155. 0
155. 0
157. 1
159. 0
160. 7
164. 0
164. 4
159. 5
159. 0
161. 6
157. 6
159. 6
29. 5
29. 6
30. 2
31. 2
33. 1
35. 0
33. 1
33. 4
33. 7
33. 9
33. 9
34. 1
34. 6
35. 0
34. 4
34. 2
34. 3
34. 5
34. 6
34. 9
116. 1
115. 2
119. 2
120. 3
124. 1
129. 1
119. 2
120. 0
121. 3
121. 1
123. 2
124. 9
126. 1
129. 1
130. 1
125. 3
124. 6
127. 1
123. 0
124. 7
66. 6
72. 1
81. 8
96. 7
111. 0
125. 2
118. 0
119. 1
120. 0
121. 1
122. 0
123. 4
124. 1
125. 2
128. 3
130. 8
132. 7
134. 0
135. 4
136. 6
4. 9
4. 7
4. 9
5. 6
5. 1
5. 5
6. 8
7. 6
6. 9
6. 3
(5. 5
5. 5
5. S
5, 5
4. 2
5. 7
6. 7
5. 6
9. 7
9. 3
NOTE.—Series revised beginning 1959. See Federal Reserve BuUeil . July I .<)>;.!.
See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Nonbcmk public holdings of liquid assets (seasonally adjusted) rose sharply in June, led by the strong recovery in
demand deposits and currency. The total was 7.3 percent above a year earlier, in line with the trend during 1964.
BILLIONS OF DOLLARS
600
BILLIONS OF DOLLARS
600
500
500
400
400
300
300
200
200
J 100
1959
I960
1965
1964
I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted]
End of period
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: June
July
Aug
Sept
_ _ _ _ _ _ _
Oct
Nov
_ __
Dec _ _
_ __
1965: Jan__ _
_
Feb 3
Mar3
Apr 3
May
_ __ _
June 3 _
Total
selected
liquid
assets
343. 2
356. 0
373. 1
393. 9
399. 2
424. 6
459. 0
495. 4
530.4
511. 4
511. 8
514. 9
521.0
523. 4
526. 9
530. 4
534. 9
536. 4
542. 8
543. 3
542. 8
548. 6
Demand
deposits
and
currency 1
134.6
133.5
138. 8
139. 7
138. 4
142. 6
144. 8
149. 6
156. 7
151. 1
151. 8
152. 2
155. 0
155. 0
155. 0
156. 7
156. 1
154. 8
158. 6
156. 3
155. 4
159. 4
Time d eposits
Commercial
banks
52. 0
57. 5
65. 4
67. 4
73. 1
82. 5
98. 1
112. 9
127. 1
118. 6
119. 8
120. 6
121. 9
123. 8
125. 9
127. 1
130. 6
131. 9
133. 0
134. 1
134. 7
136. 1
1
Agrees in concept with money supply, p. 29, except for deduction of demand
deposits held by mutual savings banks and savings and loan associations. Data
for2 last Wednesday of month.
Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve Banks, and beginning
February 1960, savines and loan associations.
30
Mutual
savings
banks
30. 0
31. 6
33.9
34. 9
36. 2
38.3
41. 4
44. 5
49. 0
46. 8
47. 1
47.5
47. 9
48. 3
48. 6
49. 0
49. 4
49. 6
49. 8
50. 1
50. 4
50. 6
Postal
Savings
System
1. 6
1. 3
1. 1
.9
.S
.6
.5
.5
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
.4
Savings
and loan
shares
37. 0
41. 7
47.7
54. 3
61. 8
70. 5
79.8
90. 9
101. 3
95. 8
96. 6
97. 8
99. 1
99.8
100. 8
101. 3
101. 7
102. 6
103. 6
103. 9
104. 4
105. 1
U S Government
U.S. Gov- securities
ernment maturing
savings2
within
bonds
one
year 2
54. 8
51. 6
50. 5
47. 9
47. 0
47. 4
47. 6
49. 0
49. 9
49. 2
49. 3
49. 3
49. 4
49. 4
49. 5
49. 9
50. 0
49. 9
49. 9
49. 9
49. 9
50. 0
3 Preliminary.
NOTE.—See note, p. 31.
Source: Board of Governors of the Federal Reserve System.
33. 2
38. 8
35.6
48. 8
41. 9
42. 6
46. 8
48. 1
46. 1
49. 4
46. 7
47. 1
47. 4
46.8
46. 7
46. 1
46. 8
47.3
47. 6
48. 6
47. 6
47. 2
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Total commercial bank credit (seasonally adjusted) rose strongly in June following 2 months of smaller increases.
The $3.1 billion rise was strongly concentrated in loans, particularly business loans, rhat were lifted by mid-month
corporate tax borrowing.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
SEASONALLY ADJUSTED, END OF MONTH
ALL COMMERCIAL BANKS
250
250
200
200
150
150
100
100
INVESTMENTS IN
US. GOVERNMENT SECURITIES
50
50
INVESTMENTS IN OTHER SECURITIES
i
I \
1962
1959
r-OURCE:
1963
1964
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
—-
End of period
1957
1958
1959
1960
1961 6
19625
1963
1964
1964: J u n e _ _ _ _ _
July
Aug__
Sept
Oct
Nov
Dec _
1965: Jan.
Feb 6
Mar
Apr 6 6.
May _ _ _
June 6
All conn lercial bank s
(& oasonally adjusted dn ta)
Total
Investi nents
Loans,
loans excluding
and
inter- U.S. Gov- Other
investsecuriernment
bank
ments
securities
ties
106. 4
181. 2
185. 9
194. 5
209. 8
228. 3
246. 5
267. 2
256. 3
254. 5
258. 7
261.7
261. 1
265. 5
267. 2
269. 6
272. 1
275. 5
277.3
279. 1
282. 2
1)1. 4
95. 6
107. (i
113. 8
120. 5
133. 9
149. 4
167. 1
160. 0
159. 7
161. 5
163. 0
163. 2
165. 4
167. 1
170. 2
171.9
175.8
177. 1
179. 3
182.6
Billions of dollarsf)7. 1
17. 9
20. 5
05. 1
57. 8
20. 5
59. 9
20. 8
65. 4
23. 9
65. 2
29. 2
62. 1
35. 0
61. 4
38. 7
60. 0
36. 3
58. 4
36. 4
60. 2
37. 0
61. 2
37. 5
37. 9
60. 0
38. 5
61. 6
61. 4
38. 7
59.9
39.5
60.2
40. 0
59.6
40. 1
59. 1
41. 1
41. 3
58. 5
57. 6
42. 0
1
Member banks are all national banks and those State banks which have taken
membership
in the Federal Reserve System.
2
Commercial
^oreiai aiia
and muusirmi
industrial loans.
3
Debits during period to demand deposit accounts except interbank and
U.S. Government.
+,^ series; see Bank Debits and Deposit Turnover, G.G
irament. New
FRB,
February 19, 1965.
4
Averages of daily figures. Annual data are for December.
i
1965
COUNCIL OF ECONOMIC ADVISERS
Weekly
reporting
memberl
banks
Business
loans 2
31. 8
31. 7
30. 7
32. 2
32. 9
35. 2
38. 8
42. 1
38.7
38. 5
38. 9
40. 0
39. 9
40. 5
42. 1
41.8
43. 0
44. 6
44.6
45. 2
46.8
Bank
debits
outside
New \ork
City (343
centers),
seasonally
adjusted
annual3
rates
1, 468
1,481
1,656
1, 786
1,882
2, 021
2, 199
3
&, 696
2,607
2, 747
2, 682
2, 756
2, 772
2, 780
2, 804
2, 808
2,845
2,924
2, 962
2, 872
8,028
A 11 member banks l
Total
reserves
19, 420
18, 899
18, 932
19, 283
20, 118
20, 040
20, 746
21,609
20, 558
20, 665
20, 566
20, 928
21, 033
21,159
21,609
21,619
21, 227
21, 248
21, 505
21, 476
21, 701
4
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions o f dollars
577
710
557
516
482
906
87
756
149
568
572
304
327
536
411
243
390
270
265
400
334
417
420
331
309
415
430
396
411
243
402
299
437
405
340
416
359
471
327
505
346
528
-133
-41
-424
669
419
268
209
168
120
135
83
89
106
-34
168
103
32
— 76
-112
-178
-182
s Estimates as of December 31.
• Preliminary.
NOTE.—Between January and August 1959. series for all commercial banks
expanded to include data for all banks in Alaska and Hawaii. Data for all
member banks include Alaska and Hawaii beginning 1954 and 1959, respectively.
Source: Board of Governors of the Federal Reserve System.
Ol
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit registered a large seasonal increase in May
adjusted basis, was slightly smaller than in April.
but the rise in instalment credit, on a seasonally
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1
TOTAL CONSUMER CREDIT OUTSTANDING
INSTALMENT CREDIT REPAID..
1959
1
1?60
i
1961
1962
1963
1964
I
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Millions of dollars]
Period
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1964: Apr
May
June
July
_ _
Aug
Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
Apr
Mav
Mortgage
Consu mer credit outstandin g (end of T;>eriod;
Consum er instalme nt credit e xtended
imad justed)
debt out and r epaid (seas onally adjtisted)
Instalment
Automob ile paper standing,
To tal
—_
nonfarm
"NTrm1- to 4Total
Total 1
bile
Personal instal-2 Extended Repaid Extended Repaid
family
ment
paper
loans
houses 3
13, 082
38, 830
6, 112
16, 734
28, 906
9, 924
33, 634
88, 200
13, 460
38, 972
42, 334
14, 555
31, 720
14, 420
6,789
10, 614
37, 054
15, 515
99, 000
39, 868
15,
545
44, 970
7, 582
42,
016
39,
868
16,
465
107,
600
33, 867
15, 340
11, 103
33, 642
14, 152
15, 415
45, 129
8, 116
40, 344
14, 226
117, 700
40, 119
11, 487
51, 542
39, 245
42, 603
15, 579
16, 420
9, 386
48, 052
130, 900
12, 297
17, 779
42, 832
16, 384
56, 028
45, 972
17, 654
17, 688
10, 480
13, 196
49, 560
141, 300
57, 678
43, 527
14, 151
47, 700
16, 007
16, 472
153, 100
17, 223
11, 256
48, 396
17, 478
63, 164
48, 034
12, 643
50, 620
166, 500
19, 540
19, 796
15, 130
55, 126
19, 354
182, 20U
53, 745
69, 890
22, 199
14, 391
60, 822
55, 111
22, 013
16, 145
76, 810
197, 700
59, 397
24, 521
21, 243
16, 071
60, 418
23, 565
66, 070
17, 413
54, 382
1, 75*;
4, 959
1, 961
69, 816
22} 830
14, 748
15, 434
5, 371
1, 776
70, 945
55, 120
14, 902
5, 059
2, 023
23, 255
5, 552
15, 825
1, 768
1, 962
55, 914
23, 702
15, 087
5,029
71, 907
15, 993
5,399
189, 600
72, 456
1,996
1,781
56, 496
24, 024
5, 058
15, 233
15, 960
5, 541
1,
789
5, 094
2,017
73, 069
57, 055
24, 251
15, 415
16, 014
5, 529
2, 024
1, 802
5, 104
73, 495
57, 446
15, 612
5, 617
193, 900
24, 295
16, 049
1,788
1, 924
15, 672
5, 507
5,097
57, 826
24, 423
16, 102
73, 928
1,818
74, 371
5, 155
1, 858
58, 085
24, 367
5, 456
15, 771
16, 286
1, 864
76, 810
24, 521
197, 700
59, 397
5, 256
2,043
16, 071
17, 413
5,816
1,830
2, 120
59, 342
24, 574
5,213
5, 883
76, 145
16, 091
16, 803
1, 897
2, 228
6, 022
5, 381
75, 741
59, 363
24, 743
16, 190
16, 378
1,924
2,229
16,341
5 ; 393
6, 030
76, 085
59, 788
16, 297
200, 300
25, 063
2,272
1, 936
6, 189
5,445
77, 483
25, 615
16, 693
60, 803
16, 680
1,940
5,435
2,215
16,917
6, 105
78, 687
26, 109
16, 948
61, 739
1
Also includes other consumer goods paper, and repair and modernization
loans,
not shown separately.
2
Consists of single-payment loans, charge account?, nnd service credit,
s End of period, unadjusted.
32
NOTE.—Data for Alaska and Hawaii included beginning January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Home
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Treasury bill yields continued lo edge downward during June buf appear to have turned upward in mid-July. Longterm bond yields were relatively stable although yields on some corporate and municipal bonds edged slightly higher
between mid-June and mid-July.
PERCENT PER ANNUM
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
t
1959
1960
1961
1962
1963
1964
SOURCES-. SEE TABLE BELOW
Period
1958
1959
1960__ _
___
1961
1962
1963
_
1964
1964: May _
June _
July
Aug.
_ Sept
Oct
Nov
Dec
1965: Jan
Feb
Mar
AprMay
June __ _
Week ended:
1965: June 12__
19__
26__
July 3 _ _
10__
17__
1
2
4
[Percent per annum]
High-grade
U.S. Gemirnment secuiity yields
municipal
3-month
bonds
3-5
year
Taxable
Treasury
2
3
(Standard4 &
issues
bonds
bills *
Poor's)
1. 839
2. 90
3. 43
3. 56
3. 405
4. 33
4. 08
3. 95
2. 928
4. 02
3. 99
3. 73
2. 378
3. 90
3. 60
3. 46
2. 778
3. 57
3. 95
3. 18
3. 72
4. 00
3. 157
3.23
3. 549
4, 06
4. 15
3. 22
3. 482
-1. 07
4. 16
3. 21
3. 478
4. 13
4. 03
3. 20
3. -179
3. 99
4. 13
3. 18
3. 99
4. 14
3. 500
3. 20
3. 527
4. 03
4. 16
3.25
3. 575
4. 04
4. 16
3. 26
4. 12
-1. 04
3. 62-1
3. 18
4. 07
4. 14
3. S50
3. 15
3. 828
4. 14
4. 06
3.06
3. 929
4. 08
4. 16
3. 10
3 942
4. 12
4. 15
3. 18
3. 932
4. 12
4. 15
3.17
4. 14
4. 11
:5. 895
3. 19
4. 14
3.810
4.09
3.26
3. 781
3. 799
3. 789
3. 784
3. 853
3. 883
4. 10
4. 10
4.07
4.08
4.09
4. 10
6
4.
4.
4.
4.
4.
4.
15
14
13
14
14
15
2
Kate on new issues within period.
Selected note and bond issues.
Series includes: 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
&1A percent since May 1961) and 30-year mortgages paid in 15 years.
1965
COUNCIL OF ECONOMIC ADVISERS
3. 25
3. 25
3.27
3. 31
3.31
3. 26
Corpora be bonds
(Moo dy's)
3. 79
4. 38
4. 41
4. 35
4. 33
4. 26
4. 40
4. 41
4.41
4. 40
4. 41
4, 42
4, 42
4. 43
4. 44
4.43
4. 41
4. 42
4.43
4. 44
4.46
4.73
5. 05
5. 19
5. 08
5. 02
4.86
4.83
4. 85
4. 85
4.83
4. 82
4. 82
4.81
4.81
4. 81
4.80
4. 78
4. 78
4.80
4. 81
4.85
Prime
commercial
paper,
4-6
months
2. 46
3. 97
3. 85
2. 97
3. 26
3. 55
3. 97
3. 89
4. 00
3. 96
3.88
3. 89
4. 00
4. 02
4. 17
4.25
4. 27
4. 38
4.38
4. 38
4.38
4. 46
4. 47
4.47
4.46
4.47
4. 48
4. 85
4. 85
4. 86
4.87
4.87
4. 87
4.38
4. 38
4.38
4. 38
4.38
4. 38
Aaa
6
Baa
6
FHA
new home
mortgage
yields 5
5. 49
5. 77
6. 16
5. 78
5. 60
5.46
5. 45
5. 45
5. 45
5. 45
5.46
5. 46
5. 46
5. 45
5. 45
5. 45
5. 45
5. 45
5. 45
5. 45
5. 45
6
Not charted.
Sources: Treasury Department, Board of Governors of the Federal Rcsorvr
System, Federal Housing Administration, Standard <fe Poor's Corporation, and
Moody'c Investor? Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The sharp decline in stock prices experienced during June appeared to taper off in mid-July but stock prices continued
to move erratically.
Index, 1941-43 = 10
Index, 1941-43 = 10
90
90
80
80
-COMPOSITE PRICE INDEX FOR '
500 COMMON STOCKS
-V
70
70
60
60
50
. i i i f J 50
PERCENT
PERCENT
RATIO
RATIO
•jr
25
/-~"\
_/
-
10
-
/\_
20
A
i
r
PRICE/EARNINGS RAT O
on
x*-—^-^^
~~~'
i
I
f
?
1960
i
\
1961
1
!
f
15
!
I
1
1959
1960
1961
1962
1963
1964
1964: June
July
Aug _
Sept
, __
_ _
Oct
Nov
Dec
1965: Jan
Feb
_ _
Mar
Apr
May
June
Week ended:
June 11
18
25
July 2
9
16
1
!
!
1
f
I
A
10
1965
1964
1963
1962
SOURCE: STANDARD AND POOR'S CORPORATION
Period
.—-»
**
\_—
i
^—
\
^\
1959
ON COMMON SIKXKS
COUNCIL OF ECONOMIC ADVISERS
Total
Total
57. 38
55.85
66. 27
62. 38
69. 87
81. 37
80. 24
83. 22
82. 00
83. 41
84. 85
85.44
83. 96
86. 12
86. 75
86.83
87.97
89.28
85. 04
61. 45
59. 43
69. 99
65. 54
73. 39
86. 19
85. 13
88. 19
86.70
88.27
89.75
90. 36
88. 71
91. 04
91. 64
91. 75
93.08
94. 69
90.19
85. 54
84, 96
84.31
83.55
85.19
4
85. 71
90. 76
90. 11
89.40
88.54
90.22
90. 77
Price i ndex !
Industrials
Capital Consumers'
goods
goods
1941-^13=10
47. 35
63. 93
47. 21
59. 75
67. 33
57. 01
54. 96
58. 15
63. 30
62. 28
73.84
76.34
72.42
75.85
75.47
77. 76
75. 91
75. 40
77.97
77. 74
79. 13
79. 08
78. 97
79. 18
77. 24
77.58
80. 19
79. 69
82. 52
80. 74
83.62
81. 50
83.78
84.85
86. 35
85. 21
81.62
80.04
81. 48
81. 56
80.75
80.31
80.50
79. 99
80. 20
79.43
78.64
79.26
Railroads
Dividend
yield 2
(percent)
44. 15
46. 86
60. 20
59. 16
64.99
69. 91
67. 46
70. 35
71. 17
72. 07
73. 37
74. 39
74. 24
75.87
77. 04
76. 92
77.24
77. 50
74.19
35. 09
30. 31
32. 83
30. 56
37. 58
45. 46
46.29
48.93
47. 17
47. 14
48. 69
48. 01
45. 75
46.79
46. 76
46. 98
46.63
45. 53
42.52
3. 23
3. 47
2. 98
3. 37
3.17
3.01
3. 05
2. 96
3. 03
3. 00
2.95
2. 96
3.05
2. 99
2. 99
2.99
2.97
2. 92
3.07
7451
73.94
73.62
73.25
75.01
75. 45
42.33
42.61
42.26
42.35
43.21
43.51
3. 08
3. 07
3.09
3.11
3.09
4
3. 05
Public
utilities
Price/
earnings
ratio 3
17. 05
17. 09
21. 06
16. 68
17. 62
18. 08
17.61
17. 87
18. 67
17.58
1
3
Includes 500 common stock, 425 are industrials; 50 are public utilities; and 25
Ratio of price index for last day in quarter to quarterly earnings (seasonally
are railroads. Weekly indexes for capital and consumer goods are Wednesday
adjusted annual rate). Annual ratios are averages of quarterly data.
figures:
all other weekly indexes are averages of daily figures.
< Not charted.
2
Aggregate cash dividends (based on latest known annual rate) divided by
Source: Standard and Poor's Corporation.
the aggregate monthly market value of the stocks in the group. Annual yields
are averages of monthly data. Weekly data are Wednesday figures.
34
FEDERAL FINANCE
FEDERAL ADMINISTRATIVE BUDGET RECEIPTS AND EXPENDITURES
The budget deficit for the first 11 months of fiscal 1965 amounted to $7.8 billion.
fiscal 1964 it was $11.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET RECEIPTS
NET BUDGET EXPENDITURES
100
100 -
75
75 -
50
50 -
25
25 -
1960
1961
In the corresponding period of
1962
1963
1964
1965
1960
+10
1961
1962
1963
1964
1965
1964
1965
BUDGET SURPLUS (+) OR DEFICIT (-) .
NATIONAL DEFENSE
(ENLARGED SCALE)
75
+5
FIRST. M MONTHS
0
50 -
-5
25
-10
I960
1961
1962
1963
1964
1965
1960
1961
1962
1963
FISCAL YEARS
SOURCE: TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Net budg et expenditu res
N ational defe rise l
Period
Fiscal year 1959
Fiscal year 1960
Fiscal year 1961
_ _
Fiscal year 1962
_ _ _ __ _ _ _ _
Fiscal year 1963
Fiscal year 19641964: Apr
May
_ __
June _
July
Aug.. _
_
Sept
Oct
Nov.. _
_
_
Dec _ _ _
1965: Jan
Feb
Mar
_
_ _
Apr__ _
__ _
May_ _ _ _
Cumulative totals first 11 months:
Fiscal year 1964 _
_
_ _
Fiscal year 1965
__
__ _„
Net
budget
receipts
Total
67. 9
77. 8
77. 7
81. 4
86. 4
89. 5
6. 6
6. 1
12. 4
3. 5
6. 7
10. 1
3. 4
7. 0
8. 9
5. 6
7. 5
11. 2
8. 5
7. 3
80. 3
76. 5
81. 5
87. 8
92. 6
97.7
77.1
79. 7
88. 2
87.4
46. 5
45. 7
47. 5
51. 1
52. 8
54.2
4. 6
4. 7
5. 7
3. 5
3. 8
4. 2
4. 2
7.9
7. 5
9. 5
7. 4
8. 1
8. 4
8.3
7. 1
8. 8
7. 7
7. 1
8. 1
8. 3
8. 1
1 In addition to items shown, also includes atomic energy and defense related
services.
2
Includes guaranteed securities held outside the Treasury. Not all of total
shown is subject to statutory debt limitation.
Total
Department of
Defense,
military
4. 5
4. 0
3. 8
4. 5
4. 3
4. 3
41. 2
41.2
43. 2
46. 8
48. 3
49.8
4. 2
4. 3
5. 1
3. 2
3. 5
3. 9
3. 9
3. 7
4. 2
3. 7
3. 6
4. 2
4. 1
3. 8
48. 5
45. 2
44. 6
41. 9
4,0
Military
assistance
2. 3
1. 6
1. 4
1. 4
1. 7
1.5
.1
2
- 3
(33)
()
(3)
.1
Budget
surplus
or
deficit (-)
-12. 4
1. 2
3. 9
-6. 4
6. 3
-8.2
-1. 3
— 1. 4
2. 9
-3. 9
__1 4
1.6
-4. 9
4
.1
.1
.1
.1
.1
•7
1. 1
.8
()
.1
2.0
.4
3. 0
.3
o
.o
-11. 1
-7. 8
Public
debt
(end of2
period)
284.8
286. 5
289. 2
298. 6
306. 5
312. 5
308. 4
312. 3
312. 5
312. 0
314. 9
316. 5
316. 5
319. 3
318. 8
318. 6
320. 6
318. 4
317.2
319. 8
312.3
319. 8
3
Less than $50 million.
* Deficit of $15 million.
NOTE.—Total budget receipts and expenditures exclude certain intragoverninental transactions.
Sources: Treasury Department and Bureau of the Budget.
35
FEDERAL CASH RECEIPTS FROM AND
PAYMENTS TO THE PUBLIC
In the firsf quarter, cash receipts exceeded cash payments by $2.4 billion/ on a seasonally adjusted basis, however,
there was an excess of payments of $0.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
35
35
25
20
20
+5
n
pj FI
\:-:-A t-;-3' f-:-.i
i
1
-5
\
\
mm m
n
FTTJ
m
|" «|
"
1 EXCESS
+5
SEASONALLY ADJUSTED
EXCESS OF (IASH RECEIPTS.
OF C ASH PAYMENTS
i
!
1
1
}959
1959
\
I960
1960
1
1
!
1
I
i
1962
1961
!
tm
I
1
1963
1963
1
mil
i
1
!
1964
1964
f
i
-5
i
1965
1965
CALENDAR YEARS
SOURCES : TREASURY DEPARTMENT AND BUREAU OF THE BU 3GET
COUNCIL OF ECONOMIC \DVISERS
[
Cash receipts
from the
public
Period
Fiscal year:
1959
I960.1961
1962
1963
1964
Calendar vear:
1959
I960
1961
1962
1963___
1964 _
Cash payments to
the public
Excess of
receipts or
payments
Cash receipts
from the
public
Cash payments to
the public
Excess of
receipts or
payments
-
_
_ _
_
___
Quarterly total (calendar years):
1964: I
_
11
III
IV
1965: I
81. 7
95. 1
97. 2
101. i)
1 09. 7
1 15. 5
94.
94.
99.
107.
1 13.
1 20.
- 13. 1
.8
-2. 3
-5. 8
- 4, 0
- I. 8
87. G
98. 3
97.9
106. 2
112. 6
115. 0
';>:"
94.
10-1.
1 11.
-- S. (!
30.3
33.4
27. 0
24.3
30. 7
Sources: Treasury Department and Bureau of the Budget.
36
Billions of dol lars]
117.
120. 3
Unadjusted
28. 6
30. 2
30. 9
30. 6
28. 3
:i (5
— (\. S
— 5. 7
•1. (i
-5. 3
Se<-isonally ad jus ted
1. 7
:•'». 2
-3. 9
-6. 3
2.4
29. 5
28. 6
28. 2
28. 7
29. 8
30. 5
29. 9
30. 2
29.8
30. 1
-1. 0
-1. 3
2. 0
-1. 1
-.3
FEDERAL BUDGET, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal receipts rose $5 billion (seasonally adjusted annual rate) while expenditures changed
little. As a result, the budget moved approximately into balance.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
120
100
n r
i
i
i
I
i
i
i
I
i
i
n
I
i
i
i
I
i
i
i
I
i
i
I
+20
SEASON ALLY ADJUSTED ANNUAL RATES
SURPLUS
E%a
i
i%a ""
!»„
m
| !* *
nn
^
I "" "~
m
^ • •
DEFICIT
-20
1
1
!
!
1959
!
.
1
1960
i
i
\
i
i
i
1
1962
1961
1
I
i
i
i
i
1964
1963
i
i
-20
1965
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Federal (jJovernme nt receipt s
Period
Fiscal year:
1961
1962
1963
1964
Calendar
vear:
1959
1960
1961
1962
1963
1964
1964:1...
II-_
III
TV.
1965: T._
IP1
2
Personal Corporate
Total tax and profits
tax
receipts accruals
Federa 1 Governrnent expe nditures
Indirect Contribusiness butions
tax and to social
insurnontax
ance
accruals
Total
GrantsSubsidies Surplus
Purin-aid
less
or
Net
current
chases
Trans- to State
deficit
interest surplus
of goods fer payand
and
ments
local
paid
of Govt.
services
goverenterprises
ments
95.4
104.3
109. 6
114. 7
44.2
47.750. 1
51.4
19. 7
21. 9
22 1
23. 5
13.6
14. 9
15. 2
16. 0
18. 0
19.7
22. 1
23.8
97. 8
106.2
112. 3
118. 5
54. 9
60. 0
63. 6
66. 1
25.9
27. 8
29. 2
30. 4
6.8
7. 6
8.3
9.8
6.9
6. 8
7.4
8. 1
3.3
4.0
3.8
4. 1
2.4
— 1.9
-2.8
— 3. 9
90. 3
96. 6
98. 3
106. 4
113. 6
114. 1
114. 8
112. 3
114. 0
115. 2
120. 3
40. 4
44. 0
45. 1
49. 1
51. 9
49. 0
51. 2
47. 3
48. 2
49. 3
52.0
53.0
22.0
21.0
20. 9
21.8
23. 0
24. 2
23. 9
24. 4
24. 4
24. 3
26. 0
13.0
14. 0
14. 1
15. 1
15. 6
16. 4
15. 9
16. 4
16. 6
16. 6
17. 1
16.6
14.9
17. 6
18. 2
20.5
23. 0
24. 4
23. 9
24. 2
24. 7
25. 0
25. 2
25.5
91. 4
93. 1
102. 6
110.4
115. 2
119. 2
117. 2
120. 2
119. 2
120. 1
120.3
122.0
53. 6
53. 1
57.4
62. 9
64. 7
65. 5
64. 3
67. 1
65. 5
65. 3
65. 1
66.7
22. 2
23. 8
27.4
28. 3
29. 9
31. 0
31. 1
30. 7
30. 8
31. 5
32. 2
31.9
6. 7
6.3
7. 2
8. 0
9. ]
10. 4
9. 8
10. 4
10. 6
10. 7
10.6
11.0
6. 4
7. 1
6. 7
7. 1
7. 7
8. 4
8. 3
8. 4
8. 4
8. 4
8. 5
8.6
2. 5
2. 8
3. 9
4. 2
3. 8
3. 9
3. 7
3.6
3.9
4 2
3.8
3.8
1. 1
3. 5
-4. 3
-4. 1
— 1. 5
-5. 1
-2.4
-7. 8
— 5. 2
-5.0
(i)
Less than $50 million.
Preliminary estimates.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
37
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GOVERNMENT PRINTING OFFICE
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Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment. _
Expenditures for New Plant and Equipment
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
Weekly Hours of Work—Selected Industries
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Administrative Budget Receipts and Expenditures
Federal Cash Receipts from and Payments to the Public
Federal Budget, National Income Accounts Basis
,__
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
NOTE.— Detail ID these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
38
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